After several months of consecutive fuel increases, South African drivers can expect yet another petrol price increase for May. This is according to the latest data released by the Central Energy Fund shows. The mid-month findings reveal fuel prices show an under-recovery of approximately 55 cents.
The last petrol price drop that offered motorists come relief came in December 2018, when a fuel price cap was also instated by Minister of Energy, Jeff Radebe.
Diesel shows an over-recovery of around five cents.
If current conditions continue until the end of the month, the price of 95-grade petrol may balloon to R16.68 per litre. The price of 93-grade petrol, meanwhile, may rise to R16.50 per litre.
The price of South Africa’s imports are attributed as one of the main reasons for the expected further fuel increase, contributing approximately 68 cents per litre in petrol price and eight cents per litre for diesel.
The exchange rate between the rand and US dollar exchange is said to have worked in South Africa’s favour in April, contributing to a 13 cents per litre decrease in fuel prices.
The international price of petroleum, however, is closely tied to international oil prices, which have risen since the beginning of the year.
This is the price you may pay for fuel in May (based of predictions by the CEF):
– 95 Petrol= R16.68
– 93 Petrol= R16.50
– 0.05% Diesel= R14.83