Fuel Price Update: Brace for a petrol hike in 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.

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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, the latest projections as received by The South African website from the CEF, effective Wednesday, 24 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 36 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 $88.43 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R19.02/$.

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):