petrol price drop
Petrol and diesel expected to drop next week. Image: Wikimedia Commons

Home » Fuel price update: Big petrol and diesel drop expected next week

Fuel price update: Big petrol and diesel drop expected next week

The latest numbers suggest that there will be a significant petrol and diesel price decrease in South Africa early next month.

28-05-24 11:00
petrol price drop
Petrol and diesel expected to drop next week. Image: Wikimedia Commons

The latest numbers from the Central Energy Fund (CEF) suggest that there will be a significant petrol and diesel price decrease for South Africa’s motorists NEXT WEEK.

NOTE: This is an updated article with the latest fuel projections

Should that materialise, it will come as welcome news for all following a price increase for petrol earlier this month.

Below, the latest projections as received from the CEF, effective Monday, 27 May.

FUELPRICE CHANGE
Petrol 93decrease of 100 cents
Petrol 95decrease of 100 cents
Diesel 0.05%decrease of 101 cents
Diesel 0.005%decrease of 92 cents
Illuminating Paraffindecrease of 81 cents

If the 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 – a decrease of 100 cents is expected for petrol 93 octane motorists and a decrease of 100 cents for 95 users.

Meanwhile, diesel motorists would see something between an 92 to 101 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 81 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 $82.80 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.35/$.


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, 4 June.

Go easy on the accelerator until then, Mzansi.


THE CURRENT MAY 2024 PETROL AND DIESEL PRICES (INLAND AND COASTAL):

INLANDMay
Petrol 93R25.25
Petrol 95R25.49
Diesel 0.05%R22.15
Diesel 0.005%R22.24
Illuminating ParaffinR16.00
COASTALMay
Petrol 93R24.36
Petrol 95R24.70
Diesel 0.05%R21.36
Diesel 0.005%R21.48
Illuminating ParaffinR15.00