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Tuesday, July 23, 2024

Diesel Prices Fall While Petrol Gets a Hike in May

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Diesel prices will fall by 30c (0.05% sulphur) and 36c a litre (0.005% sulphur) on Wednesday, will petrol will see a hike of 37c a litre.

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.

Meanwhile, 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.

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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.

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Over the past month, the average Brent oil price increased from $84.22 a barrel to $88.10.

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The main contributing factors to the hotter oil prices were the growing geopolitical tensions in the Middle East and sustained production cuts by OPEC+ countries, the Department of Mineral Resources and Energy said in a statement.

Diesel prices fell due to seasonal changes and reduced demand for the fuel in the Northern Hemispheres as the colder weather subsided.

Meanwhile, the rand weakened from R18.04/$ to R18.90 over the past month, amid fading hopes that US interest rates would be cut soon.

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