LISTEN: May fuel prices predicted to continue to spike
Economist Dawie Roodt says diesel costs could jump by another R7 or R8 a litre.
Fuel prices could be heading north again in May.
Early data suggests another increase in both the prices of petrol and diesel next month.
Economist Dawie Roodt says diesel costs could jump by another R7 or R8 a litre.
ALSO READ: South Africa reviews fuel prices, assures stable supply
Petrol prices might be pushed up by between R4 and R6 a litre.
In April, petrol increased by over R3 per litre and diesel by over R7 per litre.
This is after government reduced the fuel levy by R3 per litre.
ALSO READ: No national fuel shortage, says govt
The fuel levy will be temporarily cut by R3 per litre for one month.
In a statement, Finance Minister Enoch Godongwana and Mineral and Petroleum Resources Minister Gwede Mantashe said that after consultations between their departments and the National Treasury, it was decided that the fuel levy will be reduced to R1,10 per litre for petrol and 93 cents per litre for diesel until 5 May.
Roodt says the latest projections from the Central Energy Fund are largely due to sustained high global oil prices, combined with the previous adjustment, which only reflected half a month’s increase in oil costs.
He says the rand has performed relatively well against the dollar in recent weeks, helping to cushion what could have been an even steeper increase.
Find us on social media
Follow the ECR Newswatch WhatsApp channel here
We are also on Facebook and X (formerly Twitter)
MORE ON ECR:
