We had hoped, after the drubbing South Africa’s petrol drivers have experienced at the hands of the Department of Mineral Resources and Energy regarding official fuel prices, a price reduction would be in order when May rolls around. According to freshly harvested mid-month data from the Central Energy Fund (CEF), we won’t be quite so lucky, with petrol drivers expected to suffer their fourth increase in as many months.
Diesel drivers, on the other hand, are tipped to experience yet another round of decreases by the time the Department of Mineral Resources and Energy (DoE) alter the country’s pumps. As is tradition, that’ll be taking place on the first Wednesday of the new month — which falls on 1 May 2024.
Another letdown for petrol drivers
There’s no use crying over unspilled petrol yet. The CEF — a state-owned energy company reporting to the DoE — does not control the country’s official fuel prices. That job falls to the DoE, which looks at the average Rand/US Dollar exchange rate and the price of oil internationally over the month to determine alterations.
The CEF, working under the DoE, looks at all the same data daily to provide the most accurate predictive daily snapshots possible. Unfortunately, the CEF’s snapshots do not include changes to the slate levy or retail margin charges. That is determined at the end of any given month, and cannot be accounted for here.
Despite the Rand strengthening throughout April, it wasn’t enough to offset the ever-rising oil prices globally, leaving the country’s petrol drivers to fend for themselves.
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Here are the petrol and diesel price predictions (so far) for May 2024:
- Petrol 93: increase of 32 cents per litre (R0.32)
- Petrol 95: increase of 33 cents per litre (R0.33)
- Diesel 0.05%: decrease of 23 cents per litre (R0.23)
- Diesel 0.005%: decrease of 29 cents per litre (R0.29)
- Illuminating Paraffin: decrease of 15 cents per litre (R0.15)