Motorists will see another massive petrol price cut in May, thanks to sharp declines in the price of crude oil.
All grades of petrol will fall by R1.74 per litre from Wednesday, 6 May, while diesel will fall by between R1.56 and R1.61 per litre.
Minister of Mineral Resources and Energy, Gwede Mantashe, said that the rand depreciated, on average, against the dollar during the period under review.
This led to higher contributions to the basic fuel prices of petrol, diesel, and illuminating paraffin, by 33.57 c/l, 41.94 c/l, and 29.98 cl respectively.
The average brent crude oil price, meanwhile, decreased markedly – from $35.25 to $20.00 per barrel for the period under review.
— Department of Mineral Resources and Energy (@Energy_ZA) April 30, 2020
“The main reason for the lower oil prices is due to the continuous spread of the Covid-19 and the resultant lockdown of the major economies globally.
“This is despite the fact that OPEC and Russia agreed to reduce oil production by about 10 million barrels per day during their April meeting,” Mantashe said.
The prices will be adjusted as follows:
- 95 Petrol: decrease of R1.74 per litre
- 93 Petrol: decrease of R1.74 per litre
- 0.05% diesel: decrease of R1.61 per litre
- 0.005% diesel: decrease of R1.56 per litre
- Illuminating Paraffin: decrease of R2.23 per litre
This how the latest data reflects in the current prices:
|Fuel (Inland)||April Official||May official|
|0.05% Diesel (wholesale)||R12.69||R11.08|
|0.005% Diesel (wholesale)||R12.73||R11.17|