Big petrol price increase in May

The Department of Energy has published the fuel price changes that will kick in on Wednesday, 1 May.

According to the department, both grades of petrol will increase by 54 cents per litre this week, with diesel going up by a single cent per litre.

Illuminating paraffin will increase by 3 cents per litre, and gas will be going up significantly, by 84 cents per kg.

These are the changes:

  • 93 Petrol: R0.54 per litre increase
  • 95 Petrol: R0.54 per litre increase
  • 0.05% diesel: R0.01 per litre increase
  • 0.005% diesel: No change
  • Illuminating paraffin: R0.03 per litre increase
  • LPGAS: R0.84 per kg increase

The department attributed the price hikes to a weakening rand/dollar exchange rate and the rising international prices of oil.

Despite the weakening of the rand over the last week, the average exchange rate used in the basic fuel price has helped to reduce rising international petroleum prices by around 13 cents per litre.

However, international oil prices, which have pushed to fresh highs over the last month, are still the overwhelming negative contributor to local fuel prices.

Global oil prices have climbed on moves by the United States to impose sanctions on countries that purchase oil from Iran, effectively removing around 1.1 million barrels per day from the market.

The oil price rallied to over $75 a barrel, before ending on news that Saudi Arabia would have more replacement barrels than would be lost from stunted Iranian production.

Fuel (Inland) April Official May Official
95 Petrol R16.13 R16.67
93 Petrol R15.95 R16.49
0.05% Diesel (wholesale) R14.88 R14.89

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Big petrol price increase in May