Official fuel price adjustments: here’s what you’ll pay for petrol and diesel in May 2024

It’s a mixed bag for South African motorists in May, with petrol going up and diesel coming down.

The Department of Mineral Resources and Energy (DMRE) has announced the official fuel price adjustments that come into effect on Wednesday, May 1.

Both grades of petrol are set to rise by 37 cents per litre, while diesel is coming down by between 30 cents, in the case of 500ppm, and 36 cents for the lower-sulphur 50ppm.

This means that a litre of 93 Unleaded petrol will set you back by R25.15 in the inland regions, while 95 Unleaded rises to R25.49. Those at the coast will now pay R24.70 for the latter.

If you have a small car, filling it with 30 litres will cost R11.10 more than last month, while a 50 litre refuel in a medium vehicle will carry a penalty of R18.50.

The wholesale cost of diesel will drop to R22.24 per litre in Gauteng from Wednesday and R21.48 for those living by the sea. Filling your Hilux or Fortuner’s 80 litre tank with 70 litres will save you R25.20.

The DMRE says May’s fuel price adjustments come in the wake of a weaker rand and higher crude oil prices.

The local currency had a minimal impact, having depreciated from an average of R18.86 during the previous month to R18.90 in the April review period. Brent Crude oil rose from an average of US $84.22 per barrel to $88.10 during the same comparative period.

However diesel prices bucked the trend in international markets, decreasing as a result of seasonal changes as the Northern Hemisphere started moving away from its winter season.

The Slate Levy, which compensates fuel companies for price fluctuations during the month, remained unchanged at 22 cents per litre, as the negative balance remained at R2.73 billion.

The current week has kicked off with the rand at R18.68 and Brent Crude at $88.40, with the latter having softened on hopes of a possible Israel ceasefire. Should these trends continue, June could bring slight relief on the fuel price front.