Lebo Ramolahloane, National Vice Chairman of the South African Petroleum Retailers Association (SAPRA), representing the interest of numerous petroleum retailers in South Africa and a proud association of the Retail Motor Industry Organisation (RMI), said the 1 May fuel price adjustments from the Central Energy Fund are expected once again to have a significant impact on both the economy and households across South Africa.
Petrol 95: 37 cents increase
Petrol 93: 37 cents increase
Diesel 500ppm: 30 cents decrease
Diesel 50ppm: 36 cents decrease
Illuminating Paraffin: 20 cents decrease
Ramolahloane says the increases in ULP 95 and ULP 93 prices can be attributed to the ongoing unrest in the Middle East and Russia. He says the geopolitical tensions in these regions has created uncertainties in the global oil and gas markets, leading to volatility in prices.
“Oil and gas prices are closely linked to the challenges posed by geopolitical events, and the current situation is no exception,” he says.
The good news is the decrease in diesel prices, both 500ppm and 50ppm variants. He says diesel plays a crucial role in powering a wide range of vehicles and machinery essential to various industries, including transportation, agriculture, and construction.
“The reduction in diesel prices will not only provide relief to businesses operating in these sectors but also to households that rely on diesel-powered vehicles for their daily transportation needs.”
This decrease in diesel prices comes as a welcome relief, especially considering the recent challenges faced by both businesses and consumers due to rising fuel costs. It is expected to alleviate some of the financial pressures on households and contribute to overall economic stability by reducing transportation costs for goods and services.
Ramolahloane says it is however, important to note that the increases in ULP 95 and ULP 93 prices will offset some of the benefits of the diesel price decrease. “Nonetheless, these fuel price adjustments underscore the dynamic nature of the fuel market and the need for continuous monitoring and adaptation by businesses and consumers alike,” he concludes.
