Petrol price decreasing this week, but not by much

Eenergy department announced a slightly lower than expected decrease, which will be effective as of midnight on Tuesday.

In the middle of June, the petrol price for July was predicted to decrease however this has changed, largely due to the Rand’s performance. Picture: Neil McCartney

The Department of Energy has confirmed that petrol prices will drop by a few cents this week, when it released the adjusted fuel price figures that come into effect midnight tonight (5 May).

Following last month’s record post-Covid-19 increase, the previously reported reprieve at the pumps for May prevails, although somewhat less with a decrease of nine cents per litre for petrol, versus the claimed 13 cents, and between 30 and 31 cents for diesel, compared to 32 cents.

The price of illuminating paraffin will however drop by the claimed 23 cents.

“The rand appreciated slightly, on average, against the US dollar (from 14.95 to 14.22) during the period under review when compared to the previous one. This led to lower contributions to the basic fuel prices of petrol, diesel and illuminating paraffin by 26.30 c/l, 24.20 c/l and 22.22 respectively,” the department said.

“The average Brent Crude oil price decreased from $65.14 to $64.16 per barrel during the period under review. The vessel that was stuck in the Suez Canal causing a delay for all cargo containers including oil tankers was freed, easing fears regarding supply disruptions.”