Brace yourself: Petrol hike expected in May
The latest projections from the Central Energy Fund shows that there will be a petrol price increase in South Africa in early May 2024.
The latest projections from the Central Energy Fund (CEF) shows that there will be a petrol price increase in South Africa in early May 2024.
A combination of an increase in the brent crude oil price and a weakening of the rand against the dollar spells trouble for petrol prices in particular.
In contrast, the current situation suggests there could be better news for diesel drivers next month.
The news comes on the back of price increases for both petrol and diesel earlier this month.
Below, the latest projections as received from the CEF, effective Thursday, 25 April 2024.
| FUEL | PRICE CHANGE | |
| Petrol 93 | increase of 36 cents | |
| Petrol 95 | increase of 37 cents | |
| Diesel 0.05% | decrease of 30 cents | |
| Diesel 0.005% | decrease of 37 cents | |
| Illuminating Paraffin | decrease of 20 cents |
If these market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – an increase of 36 cents is expected for petrol 93 octane motorists and an increase of 37 cents for 95 users.
Meanwhile, diesel motorists would see between a 30 to 37 cents per litre decrease.
Finally, illuminating paraffin is expected to decrease by 20 cents.
FUEL PRICE IN SOUTH AFRICA 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
Oil price
At the time of publishing the brent crude oil price is $89.35 a barrel.
Exchange rate
At the time of publishing the rand/dollar exchange rate is R19.01/$.
The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 7 May.
Go easy on the accelerator until then, Mzansi.
THE CURRENT APRIL 2024 PETROL AND DIESEL PRICES (INLAND AND COASTAL):
| INLAND | April |
| Petrol 93 | R24.78 |
| Petrol 95 | R25.12 |
| Diesel 0.05% | R22.45 |
| Diesel 0.005% | R22.60 |
| Illuminating Paraffin | R16.19 |
| COASTAL | April |
| Petrol 93 | R23.99 |
| Petrol 95 | R24.33 |
| Diesel 0.05% | R21.66 |
| Diesel 0.005% | R21.84 |
| Illuminating Paraffin | R15.19 |