Relief at the pumps: Petrol and diesel prices set to drop

THE MINISTER of Mineral and Petroleum Resources, Gwede Mantashe, has announced the adjustment of fuel prices, with effect from Wednesday, May 7. 

In a statement, Mantashe explained that the country’s fuel prices are adjusted monthly due to local and international factors. 

“International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, like shipping costs,” he said. 

Mantashe said the main reasons for the fuel price adjustments were due to crude oil prices, adding that the average Brent Crude oil price decreased from 71.04 US Dollars (USD) to 66.40 USD during the period under review.

The main contributing factors are the tariff and trade war initiated by the US, which has raised global economic recession concerns and a possible lower demand for crude oil. He added that the oversupply of oil from countries that are not part of the Organization of the Petroleum Exporting Countries (OPEC) and the anticipated increase in oil production by OPEC+ members.

Additionally, Mantashe said other factors were the international petroleum product prices, the rand and US dollar exchange rate, and the implementation of the Slate levy.

Based on current local and international factors, the fuel prices for May 2025 will be adjusted as follows:

❖ Petrol 93 (ULP & LRP): Twenty-two cents per litre (22.00 c/l) decrease.

❖ Petrol 95 (ULP &LRP): Twenty-two cents per litre (22.00 c/l) decrease.

❖ Diesel (0.05% sulphur): Forty-two cents per litre (42.00 c/l) decrease.

❖ Diesel (0.005% sulphur): Forty-one cents per litre (41.00 c/l) decrease.

❖ Illuminating Paraffin (wholesale): Thirty-one cents per litre (31.00 c/l) decrease.

❖ SMNRP for IP: Forty-one cents per litre (41.00 c/l) decrease.

❖ Maximum LPGas Retail Price: Forty-six cents per kilogram (46.00 c/kg) increase.

The fuel prices schedule for the different zones will be published on Tuesday, May 6.