Johannesburg - South African motorists will be hit with steep fuel price increases next Wednesday (May 2), with petrol set to increase by around 49 cents a litre and diesel by approximately 59 cents.
These figures are based on unaudited month-end data released by the Central Energy Fund.
This follows the already-steep fuel price hikes that consumers had to absorb in April, when petrol went up by 72 c/l and diesel by 65 c/l.
May’s increase would bring the price of a litre of 95 Unleaded in Gauteng up to R14.97 a litre, surpassing December 2017’s high of R14.76, while a litre of 93 octane is set to cost in the region of R14.72.
Those at the coast will now fork out around R14.38 for a litre of 95 Unleaded.
How much more is my next tank then?
A full tank of petrol in a car with a 45 litre tank (such as a VW Polo) will cost up to R22 more in May, while a Corolla with a 55 litre tank will set you back R27. Filling the 80 litre tank in a Toyota Hilux with diesel will be a R39 blow.
The May increases are due to a perfect storm of rand weakness and higher international oil prices.
The rand depreciated sharply during April, starting the month around R11.80, but hitting three-month lows in the region of R12.40 towards the end.
Although it is too early to predict June’s petrol prices, the current trends do not bode well, with the most recent daily under-recovery amounting to 92 cents a litre.