Fuel price update: Petrol, diesel decrease of around R1 expected next week

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 from the CEF, effective Thursday, 30 May.

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 106 cents is expected for petrol 93 octane motorists and a decrease of 106 cents for 95 users.

Meanwhile, diesel motorists would see something between an 91 to 100 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 80 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 $81.87 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.84/$.

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):