Petrol price set to increase in May
Motorists will have to fork out more money for petrol this month, while diesel users have been granted some relief.
The Department of Mineral Resources released the final figures for fuel for the month of May on Tuesday.
The adjusted prices will be implemented on Wednesday.
"Both grades of petrol will increase by 37 cents, diesel 0.05% Sulphur 73.54 cents per litre. Diesel 0.005% Sulphur 47.54 cents per litre decrease in wholesale price. Illuminating Paraffin (Wholesale) 33 cents per litre decrease in wholesale price. Illuminating paraffin 44 cents per litre decrease in the single maximum national retail price,” said the department's Robert Maake
He said a number of factors have contributed to the latest adjustment.
The Minister of Finance, in his budget on 22 February 2023, announced that an increase of 1.0 c/l will be made to the General Fuel Levy (Carbon Levy) in the price structures of both petrol and diesel. Furthermore, an increase of 1.0 c/l will be added to the petrol and diesel price structures to allow the industry to recoup the levy payment for April 2023.
"This additional 1.0 c/l will be removed from the price structures of petrol and diesel with effect from 07 June 2023. With effect from 03 May 2023, the fuel levy will increase to 396.0 c/l and 382.0 c/l respectively in the price structure of both petrol and diesel.
"The average international product prices for petrol increased, whilst diesel and illuminating paraffin decreased during the period under review. The rand appreciated against the US dollar during the period under review, on average, when compared to the previous period.”
