The retail price of both grades of petrol in South Africa will decrease by R1.74 a litre from 6 May 2020 while the wholesale price of diesel will dip by R1.61, a statement from the energy department said on Thursday.
It’s yet another massive petrol price decrease after April’s reduction, thanks to sharp declines in the price of crude oil.
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.
“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:
Inland official prices for May will be as follows:
95 Petrol – R12.22
93 Petrol – R12.02
0.05% Diesel (wholesale) – R11.08
0.005% Diesel (wholesale) – R11.17
Illuminating Paraffin – R4.49
