Yes, The Price Of Petrol Is Increasing Again In May



Motorists will be required to dig deeper into their pockets when paying for petrol in May 2024. However, there is relief for users of other types of fuel. 



The price of petrol will increase on the first Wednesday of May 2024. This is the fourth consecutive month of increases in the price of petrol which will bring pain at the pumps for motorists. 

While petrol increased in May 2014, the cost of diesel and other types of fuels will be cheaper in May. The prices of diesel, paraffin and gas will all fall in May. 

Here Are The April 2024 Petrol Price Increases 

  • Petrol (93 ULP & LRP) will increase by 37c per litre
  • Petrol (95 ULP & LRP)will increase 37c per litre
  • Diesel (0.05% sulphur) will decrease by 30c per litre
  • Diesel (0.005% sulphur) will decrease by 36c per litre
  • Illuminating paraffin (wholesale) will decrease by 19c
  • Single Maximum National Retail Price for illuminating paraffin will decrease by 25c.
  • Maximum LP Gas retail price will decrease by 46c

The Department of Mineral Resources and Energy (DMRE) attributes the petrol price increases to a rise in global Brent Crude oil prices. The price of a barrel of Brent Crude oil climbed from $84.22 to $88.10 per barrel under the review period. 

The average brent crude oil price increased from 84.22 US Dollars (USD) to 88.10 USD per barrel, during the period under review.

Geopolitical tensions in the middle east as the production cuts by OPEC [Organisation of the Petroleum Exporting Countries] caused further increases. 

The movement in product prices has led to a lower contribution to the basic fuel price (BFP) of petrol by 34.41 cents a litre and higher contributions to the BFP of diesel by 39.33 cents a litre and illuminating paraffin by 22.35 cents per litre

There was a lot of volatility in the market during this period. The main contributing factor is the growing geopolitical tensions in the Middle East and sustained production cuts by OPEC+ [Organization of the Petroleum Exporting Countries] countries.

The weakening rand was also a contributing factor to the fuel price changes in May 2024.

The Rand depreciated, on average, against the US Dollar [from 18.04 to 18.90 Rand per USD] during the period under review when compared to the previous one. This led to higher contributions to the basic fuel prices of all products by about 2.50 cents per litre on all products

Suggested Article:

Petrol station in April

Surely not again? This is the reaction from motorists who will have to dig deeper into their pockets when paying for petrol in April. The latest fuel increases have been revealed. 




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