Fuel price update: Mixed news awaits SA motorists in May 2024
The latest fuel projections suggests that there could be a petrol price increase in South Africa in May 2024.
The latest fuel projections from the Central Energy Fund (CEF) suggest that there could be a petrol price increase in South Africa in May 2024.
However, while in recent days the data has improved, the rand has weakened against the dollar and the oil price continues to increase.
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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, as reported by The South African website.
Below, are the latest projections as received by The South African website from the CEF, effective Thursday, 11 April 2024.
| FUEL | PRICE CHANGE | |
| Petrol 93 | increase of 29 cents | |
| Petrol 95 | increase of 30 cents | |
| Diesel 0.05% | decrease of 29 cents | |
| Diesel 0.005% | decrease of 33 cents | |
| Illuminating Paraffin | decrease of 22 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 29 cents is expected for petrol 93 octane motorists and an increase of 30 cents for 95 users.
Meanwhile, diesel motorists would see between a 29 to 33 cents per litre decrease.
Finally, illuminating paraffin is expected to decrease by 22 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 $90.77 a barrel.
Exchange rate
At the time of publishing the rand/dollar exchange rate is R18.75/$.
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 |