Fuel price update: Data suggests petrol will go up again in May

The latest projections from the Central Energy Fund (CEF) suggests there will be a petrol price increase in South Africa in 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 Monday, 22 April 2024.

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 34 cents is expected for petrol 93 octane motorists and an increase of 35 cents for 95 users.

Meanwhile, diesel motorists would see between a 30 to 36 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 $86.82 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R19.24/$.

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):