Fuel prices drop in May

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The price of petrol is set to come down by nine cents a litre as of Wednesday, May 5, the Department of Mineral Resources and Energy (DMRE) announced.

The price of 95 (ULP and LRP) and 93 (ULP and LRP) will come down by 9 cents a litre.

This means that a litre of 95 ULP in Gauteng, which currently costs to R17.32 a litre will come down to R17.23 a litre.

Meanwhile, diesel (0.05% Sulphur) will decrease by 31 cents a litre, while the price of diesel (0.005% Sulphur) will decrease by 30 cents a litre.

The price of illuminating paraffin (wholesale) will decrease by 23 cents.

The price of illuminating paraffin (SMNRP) will decrease by 30 cents, while the Maximum Retail Price for LPGAS will decrease by 172 cents per kilogram.

Local currency strength named as contributing factor

“The average international product prices for petrol and illuminating paraffin increased whilst diesel decreased during the period under review,” said the DMRE.

It added that the Rand had appreciated against the US dollar during the period under review, on average, when compared to the previous period.

In a statement earlier, the Automobile Association (AA) which had predicted a drop in petrol prices, said the drop will aid those who use paraffin for lighting.

“As we head into winter, South Africans who use paraffin for lighting, cooking, and heating especially will no doubt be glad at this news. For its part, the AA is hopeful the recent streak of price stability will continue to provide more price relief to fuel users in the short to medium term,” it said.

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