South Africa Braces For Fourth Consecutive Petrol Price Hike in May 2024
Image source: okay.ng
Published by: Omphile Pule
Fuel price predictions for May 2024 in South Africa have been released, and unfortunately for petrol drivers, it’s not looking good. According to mid-month data from the Central Energy Fund (CEF), petrol prices are expected to rise for the fourth consecutive month. On the other hand, diesel drivers might find some relief as diesel prices are anticipated to decrease once again.
The Department of Mineral Resources and Energy, responsible for adjusting fuel prices, is expected to implement these changes on May 1, 2024. The CEF, which provides predictive daily snapshots of fuel prices based on various factors such as the Rand/US Dollar exchange rate and international oil prices, doesn’t control the final fuel prices but works under the DoE to provide accurate predictions.
Despite the Rand showing some strength against the US Dollar throughout April, it hasn’t been enough to counterbalance the continuous increase in global oil prices, resulting in a challenging situation for South Africa’s petrol drivers.
Here’s a summary of the predicted changes for May 2024:
- Petrol 93: expected to increase by 32 cents per litre (R0.32)
- Petrol 95: expected to increase by 33 cents per litre (R0.33)
- Diesel 0.05%: predicted to decrease by 23 cents per litre (R0.23)
- Diesel 0.005%: predicted to decrease by 29 cents per litre (R0.29)
- Illuminating Paraffin: expected to decrease by 15 cents per litre (R0.15)
While diesel drivers might see a slight relief at the pumps, petrol drivers will likely face yet another increase in fuel prices. These adjustments reflect the ongoing challenges posed by fluctuating global oil prices and exchange rates, emphasizing the importance of monitoring fuel prices and planning accordingly for the month ahead.
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