Petrol price on course for R4.70 hike in May, diesel projected to rise by R13

As tensions in the Middle East continue, South African motorists are likely to face another significant fuel price hike in May.

On the eve of the April fuel price adjustment, the National Treasury introduced a temporary R3/litre reduction in the general fuel levy to reduce pressure on consumers.  

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The cost of petrol increased by R3, while diesel saw a sharper increase of R7.06. 

The latest early projections from the Central Energy Fund suggest that May increases may surpass those for April.

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As of 6 April, the CEF projects that petrol could increase by about R4.70, while diesel continues to face significant pressure, with an increase of about R13.07. 

The price of petrol 93 currently sits at R23.25 inland and R22.46 coastal, while 95 is at R23.36 inland and R22.53 coastal. 

The wholesale price of diesel is around R25.90 to R26.11 inland and R25.07 to R25.35 coastal.

Illuminating paraffin, which rose R11.67 in April to R24.21, may see a further R10.70 hike.

CEF said that Brent crude oil prices continue to push above $100 per barrel, while uncertainty remains around shipping routes through the Strait of Hormuz.

A weaker rand has also significantly increased the cost of importing fuel into South Africa.