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Petrol price may drop 71c in May
The Department of Minerals and Energy may cut the retail petrol price by 71 cents a litre (c/l) on 1 May‚ provided the daily over-recovery remains near the 12 April level. The wholesale price of diesel (0.05% sulphur) could fall by a more subdued 49c/l.
The daily petrol price over-recovery was 97.703c/l on 12 April.
The cut is largely due to the fall in international oil prices. The average over-recovery for the period 27 March to 12 April was 52.737c/l of which lower international product prices accounted for 49.004c/l‚ while the stronger rand exchange rate only accounted for 3.733c/l.
An over-recovery means that the basic petrol price based on the daily product price and exchange rate is less than the basic fuel price used in the calculation of the monthly retail petrol price.
An over-recovery therefore implies that the retail petrol price will most probably be decreased at the next monthly price adjustment‚ provided the government does not introduce a new levy or raise either the wholesale or retail margin.
The retail petrol price is adjusted monthly on the first Wednesday of the month in accordance with the previous averaging period's over- or under-recovery.
The current averaging period runs from 27 March 27 to 25 April and a price announcement is due the day after.
Source: I-Net Bridge
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