Petrol price May 2024

Petrol Price May 2024: What South African Motorists Can Expect

Get ready for changes in petrol prices this May as the Department of Mineral Resources and Energy announces adjustments! Find out more.

In May 2024, Minister Gwede Mantashe revealed the upcoming fuel price adjustments, citing the average Brent Crude oil price increase from 84.22 USD to 88.10 USD per barrel. This surge in oil prices brought about volatility in the market, leading to concerns for motorists in South Africa. The official petrol price for May, published by the Department of Mineral Resources and Energy, will come into effect on Wednesday, 1 May 2024.

Unfortunately for motorists, the combination of a rise in Brent Crude oil prices and a weakening rand against the dollar means trouble ahead. The Department of Mineral Resources and Energy's announcement on Monday night confirmed that petrol prices will see an increase. While petrol prices are on the rise, diesel prices are set to decrease, presenting a mixed bag for South African drivers in the upcoming month.

With petrol prices set to go up by 37c/ℓ for both 93 and 95, and diesel prices scheduled to decrease by 30c/ℓ and 36c/ℓ for 0.05% and 0.005% sulphur respectively, the changes in fuel costs are expected to impact the pockets of motorists across the country. As May approaches, be prepared for the fluctuating petrol prices and plan your journeys accordingly.

In the midst of these price adjustments, one thing remains certain - the cost of petrol has a significant impact on the daily lives of South African residents. Understanding the factors influencing these changes, such as international oil prices and exchange rates, is crucial for drivers to navigate the fluctuations in fuel costs effectively and manage their budgets efficiently.