Here are the changes to the petrol price in May 2024

  • The price of petrol in May is set for an increase, while diesel is getting a bit cheaper.
  • Illuminating Paraffin and LP Gas are also set to become a bit cheaper in May.
  • The DMRE says that the petrol price hike is due to more expensive international prices and the ongoing depreciation of the Rand against the US Dollar.

After a mixed-bag of increases and decreases to the price of petrol, diesel, and gas in April, May’s own new prices will be a little bit more welcome for motorists. Especially after the hikes seen for most of this year already.

The Department of Mineral Resources and Energy (DMRE) has announced the latest changes to the price of petrol and fuels in South Africa, starting on Wednesday 1st May 2024. The price changes always come into effect on the first Wednesday of the month.

The changes in fuel prices are as follows:

  • Petrol 93 to increase by 35 cents per litre,
  • Petrol 95 to increase by 35 cents per litre,
  • Diesel 0.05 percent to decrease by 30 cents per litre,
  • Diesel 0.005 percent to decrease by 36 cents per litre,
  • Illuminating Paraffin (wholesale) to decrease by 19 cents per litre,
  • Illuminating Paraffin (SMNRP) to decrease by 25 cents per litre
  • LP gas to decrease by 46 cents per kilogram.

While both grades of petrol are seeing price hikes, the decline in prices for diesel at the pumps is welcome. Especially since last month diesel prices dropped by only a few cents per litre.

However, this does mark another month that sees climbing petrol prices. The DMRE says that this increase can be attributed to an increase in the average international product prices for petrol. While the average prices for diesel and illuminating paraffin saw decreases.

The Rand also continued to depreciate against the US Dollar, and since South Africa buys its fuel products in Dollars, it means that motorists will have to fork out more for the difference. In this sense, during the period of 27th March 2024 to 25th April 2024, the Rand against the Dollar was at R18.9036 compared to R18.8689 during the previous period.

This means that all grades of fuel saw increases.

The DMRE has not indicated whether or not the situation in the Middle East has affected the petrol price at all in May 2024. In February, the petrol price saw a large increase due to increases in shipping fees of vessels in the Red Sea, that transport these fuels to African countries.

Violent attacks in the region’s seas saw higher costs for shipping that led to hikes in fuel prices.

[Image – Photo by Erik Mclean on Unsplash]


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