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Monday, 29 April 2024 22:57

Motorists to fork out more for petrol and less for diesel.

By Lehlohonolo Lehana.

The Department of Mineral Resources and Energy (DRME) has published the latest official fuel price adjustments, which will kick in from Wednesday, 1 May 2024.

Petrol prices will be hiked by 37c a litre on Wednesday, while wholesale diesel prices will fall by 30c (0.05% sulphur) and 36c a litre (0.005% sulphur).

In Gauteng, petrol will now retail at R25.49 a litre, while on the coast, it will cost R24.70 - reaching levels last seen in October 2023. 

But diesel is falling to the lowest levels since February this year. The wholesale price of diesel will be R22.15 a litre in Gauteng and R21.36 on the coast.

The wholesale price of illuminating paraffin will be cut by 19c a litre.

South African fuel prices are largely determined by international oil costs and the rand exchange rate, as oil is priced in dollars. Oil surged this month amid military tensions between Israel and Iran.

The average international product prices for Petrol increased whilst Diesel and Illuminating Paraffin decreased during the period under review.

The Rand depreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 27 March 2024 to 25 April 2024 was 18.9036 compared to 18.8689 during the previous period.

This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 2.59 c/l, 2.51 c/l and 2.48 c/l respectively.

The combined cumulative petrol and diesel Slate balances at the end of March 2024 amounted to a negative balance of R 2.735 billion. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a Slate Levy of 21.92 c/l (no change) has been implemented into the price structures.