Fuel prices to decrease in May, but LPG price to increase
The Department of Mineral and Petroleum Resources has announced an adjustment of fuel prices based on current local and international factors with effect from May 7.
Both grades of petrol will decrease by 22c/l, while diesel will decrease by 41c/l and 42c/l.
Illuminating paraffin at retail level will decrease by 31c/l.
The price of liquefied petroleum gas (LPG) will, however, increase by 46c/kg.
Spokesperson for the department Robert Maake notes that the lower oil price and the weaker rand against the dollar contributed to the decrease in fuel prices.
Higher shipping costs have, however, pushed the LPG price higher.
The South African Petroleum Retailers Association (Sapra), a proud association of the Retail Motor Industry Organisation (RMI), has welcomed the decreases, describing the development as a positive step for both motorists and the broader economy.
Sapra national vice chairperson Lebo Ramolahloane says the price reductions offer much-needed relief during a challenging economic period.
“The decrease in petrol, diesel and illuminating paraffin prices provides immediate relief to South African motorists and businesses. In a fragile economy such as ours, this is a welcome development that could ease inflationary pressures and provide a short-term boost in consumer spending power,” says Ramolahloane.
He says these lower input costs can support food security and job retention in fuel-intensive sectors such as agriculture, logistics and public transport.
“For petroleum retailers, the increased volumes at service stations from consumers responding to lower pump prices are likely to provide a boost in revenue, particularly as retail margins remain stable,” he adds.
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