Fuel price update: Diesel, petrol picture gets bleaker as rand struggles
It’s still too early to predict what lies ahead for both petrol and prices in early June, but the latest data from the Central Energy Fund (CEF) remains good for motorists in South Africa, BUT … MUST READ | Best passports to own in 2023: South Africa ranks outside the Top 100 Looking ahead, fluctuations in international product prices and rand weakness […]
It’s still too early to predict what lies ahead for both petrol and prices in early June, but the latest data from the Central Energy Fund (CEF) remains good for motorists in South Africa, BUT …
Looking ahead, fluctuations in international product prices and rand weakness show the following under-recoveries (price increases) or over-recoveries (price decreases) for petrol and diesel as per data at 22 May 2023.
|Petrol 93||decrease of 97 cents per litre|
|Petrol 95||decrease of 97 cents per litre|
|Diesel 0.05%||decrease of 109 cents per litre|
|Diesel 0.005%||decrease of 103 cents per litre|
|Illuminating Paraffin (wholesale)||decrease of 60 cents per litre|
If these market conditions were to remain constant for the rest of the month – an unlikely scenario with the rand/dollar exchange rate ever changing and the oil price fluctuating – a decrease of 97 cents is expected for 93 octane motorists and a decrease of 97 cents for 95 users.
Meanwhile, diesel motorists would see something between a 103 and 109 cents per litre decrease.
FUEL PRICE IN MZANSI IMPACTED BY TWO MAIN FACTORS:
1. The international price of petroleum products, driven mainly by oil prices
2. The rand/dollar exchange rate used in the purchase of these products
At the time of publishing the rand/dollar exchange rate is R19.27/$.
At the time of publishing the brent crude oil price is $75.92 a barrel.
The final overall price changes for both petrol and diesel will be confirmed in the coming weeks with the new prices coming into effect at midnight on Tuesday, 6 June.
Go easy on the accelerator until then, Mzansi.
The current prices at the pumps (Inland and Coastal):
|0.05% diesel (wholesale)||R20.15|
|0.005% diesel (wholesale)||R20.49|
|0.05% diesel (wholesale)||R19.42|
|0.005% diesel (wholesale)||R19.78|