Fuel price data points to a significant petrol price increase for May 2023. The good news is that the price of diesel is expected to decrease!

South African motorists must brace for another petrol price increase this month.

A generally weak Rand-Dollar exchange rate during April 2023 and increasing international oil prices are the main contributing factors for the expected petrol price increase.

Month-end (April) fuel price data suggests that the price of ULP95 petrol will increase by about 52 c/litre while the price of ULP93 could increase by about 56 c/l. The price of paraffin could see reductions of 32 c/l/

Diesel vehicle owners are likely to pay less at the pumps in May 2023 with the data reflecting a potential decrease of 57 c/l for 0.05% diesel and an 31 c/l decrease for 0.005% diesel.

The AA commented, ““The decrease to diesel and paraffin prices is certainly good news, especially as the country enters colder months. But the increases to the petrol prices will add more strain to already stretched budgets, and consumers are advised to revise their budgets accordingly. There is no doubt these are difficult times, and petrol price increases will come as bad news for many who will have to dig even deeper in their pockets to keep mobile.”

“The silver lining, though, are the expected diesel price reductions. Diesel is a big input cost in major sectors such as agriculture, mining and manufacturing and an increase here often contributes to increased prices of basic commodities. The current increase in the consumer price index (cpi) to 7.1% in March and food inflation hitting a 14-year high of 14.4%, plus an increase in diesel prices would have resulted in very unfavourable conditions for consumers,” the AA concludes.

We will communicate the official fuel price adjustments as soon as they are announced.

Fuel Price Forecast for May 2023 in South Africa

Fuel price data courtesy of the Automobile Association of South Africa (AA)

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