Diesel prices will hit your wallet hard – Here’s what you will pay

South African consumers brace for a financial storm in May as fuel prices surge, with petrol rising by R3.27 and diesel by R6.19. Discover the factors behind these increases and their implications for households. In a new record-high price for diesel, South African consumers will have to brace for a painful increase on Wednesday, paying R31.54 a litre at the coast.

The Department of Mineral and Petroleum Resources (DMPR) on Monday announced the fuel price increases for the month, with sharp increases for both diesel and petrol The wholesale price of 50ppm diesel will rise to about R31.54 at the coast and R32.30 in Gauteng, with the retail margin adding a further R2.50 to R3, depending on the outlet. Petrol will cost R25.80 for a litre of 95 Unleaded at the coast and R26.33 inland, where 93 Unleaded will cost in the region of R26.52. This will be a new record-high price for diesel, while the petrol price remains slightly below the peak price reached in July 2022 of R26.09 per litre at the coast.

The DMPR said South Africa’s fuel prices are adjusted monthly, informed by international and local factors. International factors include that South Africa imports both crude oil and finished products at apriceset at the international level, including importation costs. The effects of the geopolitical tensions, more specifically, the ongoing conflict between the United States and Iran, and the closure of the strategic oil shipping Strait of Hormuz, has taken its toll on international oil prices.