GOOD news is on the horizon for South African motorists as fuel prices are expected to drop once again in May.
According to the latest data from the Central Energy Fund (CEF), fuel price trends are showing a continued over-recovery, which translates into anticipated price cuts at the pumps.
By the end of the third week of April, petrol prices were reflecting an over-recovery of between 19 and 21 cents per litre, while diesel showed a more significant over-recovery of 38 cents per litre.
This positive trend has been holding strong since the start of April, despite global uncertainties, and represents an improvement even from the mid-month review.
Here are the expected fuel price adjustments for May:
Petrol 93: decrease of 19 cents per litre
Petrol 95: decrease of 21 cents per litre
Diesel 0.05% (wholesale): decrease of 38 cents per litre
Diesel 0.005% (wholesale): decrease of 38 cents per litre
Illuminating paraffin: decrease of 30 cents per litre
The continued relief at the pumps is largely attributed to a sharp decline in global oil prices, following the implementation of a universal 10% tariff announced by US President Donald Trump on 5 April. The ripple effects of this policy have significantly reduced crude oil costs, benefiting fuel consumers across the board.
While these price drops are still projections based on current data, they provide a hopeful outlook as we head into May. As always, we’ll keep a close eye on the final Department of Mineral Resources and Energy announcement to confirm the adjustments.
Speaking to Cartrends, motorists couldn’t hold back their excitement over the news.
Sihle Mkhonza said: “I don’t want to lie, I am super excited. This is going to be a huge relief. We will breathe.”
Tumelo Olifant said: “I will have some change this time around and will be able to take out my wife and kids for some fun. This is great.”
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