Fuel prices set to soar as South Africa braces for hikes this May

Significant petrol and diesel price increases have been confirmed for May 6. Starting on Wednesday, May 6, South Africans will face yet another round of fuel price increases, with the rate of increase for gasoline and diesel expected to be even higher than first projected. The price of both grades of gasoline will rise by R3.27 per litre, while diesel will increase by R6, according to confirmation from the Department of Mineral and Petroleum Resources (DMPR) on Monday.19.

Although month-end data from the Central Energy Fund had initially pointed to increases of R2.04 for 95 Unleaded and R4.96 per litre for 50ppm diesel, the implementation of the Slate Levy has added a further R122.70 to the price of both fuels, the department confirmed. The Slate Levy essentially compensates fuel companies for price fluctuations that took place in the preceding month. The cumulative slate reflected a negative balance of R14.17 billion at the end of March 2026, the department added.

Following the price adjustments of May 6, South Africans will pay R25.80 for a litre of 95 Unleaded petrol at the coast and R26.33 inland, where 93 Unleaded will cost in the region of R26.52. 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. This will be a new price record for diesel.

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However, the petrol price remains below July 2022’s peak of R26.09 per litre at the coast, following Russia’s invasion of Ukraine. That price dropped to R21.71 within three months, however, as international oil prices receded. May’s fuel price increases are almost solely the result of rising international product prices, with the rand having a negligible effect of about three to five cents on the pricing structure.

South Africans could be in for even bigger price shocks in June, should there not be a resolution to thewar in the Middle East. May’s fuel prices are based on Brent crude oil prices averaging below $101 per barrel during the most recent review period. However, stalled US-Iran peace talks have sent the black gold trading between $113 and $126 in the past week.

A further blow to consumers will be the winding down of South Africa’s temporary fuel tax reprieve, which is set to be halved to R1.50 per litre for petrol and R1.96 for diesel during the month of June, before falling away completely in July. The R3 per litre fuel tax relief measure remains until June 2, and has been increased to R3.93 in the case of diesel.

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