South Africans will be hit with significant petrol and diesel price increases once again in May.
Image: Tumi Pakkies / Independent Newspapers
South African motorists have under 10 hours left to head to the pumps before a wave of fuel price hikes hits the country at midnight.
With the Department of Petroleum and Mineral Resources announcing severe adjustments effective Wednesday, the clock is ticking to avoid paying more at the till.
From midnight, both 93 and 95 octane petrol (ULP & LRP) will increase by R3.27 per litre.
Diesel drivers will have their wallets hit harder as prices increase by a staggering R5.27 per litre for both 0.05% and 0.005% sulphur grades.
Illuminating paraffin will see a rise by R4.22 per litre at wholesale and R5.63 per litre at retail, while the maximum retail price of LPGas is going up by R5.07 per kilogram in Gauteng and R5.78 per kilogram in the Western Cape.
According to the government, these drastic price adjustments are primarily driven by international turmoil.
The average price of Brent Crude oil has surged from $93.67 to $101 per barrel due to ongoing tensions between the US and Iran, the closure of the Strait of Hormuz, and damage to crucial supply infrastructure. While the Rand remained relatively stable against the US Dollar during this period, the international supply crisis heavily impacted basic fuel prices, especially for middle distillates like diesel and paraffin, which are facing high global demand and reduced supply from the Persian Gulf.
A slate levy of 122.70 cents per litre is being implemented to recover a massive R14.173 billion negative balance recorded at the end of March.
In a bid to cushion the blow for consumers, the government is extending its short-term relief measure.
"Due to the ongoing US-Iran conflict which continues to affect fuel prices globally, the Minister of Finance in consultation with the Minister of Mineral and Petroleum Resources announced a further temporary reduction in the general fuel levy of 300.0 c/l to be implemented in the price structures of petrol and R393.0 c/l for diesel from the 6th of May 2026 to the 2nd June 2026," the Department of Mineral and Petroleum Resources said in a statement.
IOL