Fuel price drops to lowest this year

Source: Deva Darshan© from Pexels

Fuel Price for May 2020. #FuelPrice @SACentralEnerg1 @GCISMedia @necsa_Ltd @NERSA_ZA @sanedi_org @NucRegSA @DMR_SA @GwedeMantashe1 #COVID__19 #Covid19SA pic.twitter.com/GABaihirTv

— Department of Mineral Resources and Energy (@Energy_ZA) April 30, 2020

Price changes

The price of petrol will decrease by 174 cents to R12.22 per litre in the commercial hub of Gauteng province, while diesel will fall by 161 cents to R11.08 per litre.

• Both Grades of Petrol 93 and 95 (ULP & LRP): 174.00 cents per litre decrease in retail price
  
• Diesel 0.05% Sulphur: 161.00 cents per litre decrease in wholesale price
  
• Diesel 0.005% Sulphur: 156.00 cents per litre decrease in wholesale price
  
• Illuminating Paraffin (Wholesale): 223.00 cents per litre decrease in wholesale price
  
• Illuminating Paraffin (SMNRP): 297.00 cents per litre decrease in the Single Maximum National Retail price (SMNRP)
  
• Maximum Retail Price for LPGAS: 262.00 cents per kilogram decrease in the maximum retail price

Economic factors

The average international product prices for Petrol, Diesel and Illuminating Paraffin decreased during the period 27 March to 29 April 2020.
The Rand depreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 27 March 2020 to 29 April 2020 was 18.4771 compared to 16.4305 during the previous period. This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 33.57 c/l, 41.94 c/l and 29.98 c/l respectively.