Motorists will have to fork out more at the pumps for petrol but diesel fleet owners will get a reprieve with a substantial drop in the price of both grades of the fuel on Wednesday 3 May.

The Central Energy Fund’s latest fuel price adjustments include a 37-cents-a-litre price hike for both LRP and ULP Petrol, and a decrease of 74.54 c/l and 47.54 c/l for 0.05% sulphur and 0.005% sulphur diesel respectively in Gauteng.

The wholesale price of illuminating paraffin rises by 33 c/litre, while the price of LPG gas declines by 444 c/kg.

The Minister of Finance, in his Budget on 22 February 2023, announced that an increase of 1 c/l will be made to the General Fuel Levy (Carbon Levy) in the price structures of both petrol and diesel.

The CEF said an increase of 1 c/l will be added to the petrol and diesel price structures to allow the industry to recoup the levy payment for April 2023. This additional 1 c/l will be removed from the price structures of petrol and diesel with effect from 07 June 2023.

With effect from 03 May 2023, the fuel levy will increase to 396 c/l and 382 c/l respectively in the price structure of both petrol and diesel.

“The average international product prices for petrol increased, whilst diesel and illuminating paraffin decreased during the period under review. The rand appreciated against the US dollar during the period under review, on average, when compared to the previous period,” the CEF noted.

“The average rand/US dollar exchange rate for the period 31 March 2023 to 25 April 2023 was 18.13 compared to 18.30 during the previous period. This led to a lower contribution to the basic fuel prices on petrol, diesel and illuminating paraffin by 12.25 c/l, 11.52 c/l and 11.62 c/l respectively.”

In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a Slate Levy of 0.00 c/l (decrease of 17.54 c/l) will be implemented into the price structures of petrol and diesel with effect from 03 May 2023.