In the past month, the average price of a barrel of crude oil increased from $93,67 to $101 per barrel, mainly due to the continuing tension between the US and Iran, the closure of the Strait of Hormuz, and damage to crucial infrastructure that affect the supply of crude oil.
The price of the average international petroleum product prices followed the increased oil price. The prices of diesel and paraffin (middle distillates) increased more than petrol, because of higher demand and reduced supply from the Persian Gulf. These factors led to higher contributions to the Basic Fuel Prices of petrol by R2,04 per litre, of diesel by R4,96 per litre, and illuminating paraffin by R4,21 per litre. The prices of propane and butane also increased due to limited global supply since the closure of the Strait of Hormuz.
The Rand remained constant on average against the US Dollar – from R16,64 to R16,65 per USD – during the period under review. This led to a contribution of less than one cent per litre to the Basic Fuel Prices of all products.
ALSO READ: Thea Rix Foundation donates to 36 new babies at Rob Ferreira Hospital
The cumulative slate amounted to a negative balance of R14,173 billion for petrol and diesel as at the end of March 2026. In line with the provisions of the self-adjusting slate-levy mechanism, a slate levy of 122,7 cents per litre will be implemented from 6 May 2026.
Due to the ongoing US-Iran conflict that continues to affect fuel prices globally, the Minister of Finance in consultation with the Minister of Mineral and Petroleum Resources announced a further temporary reduction in the general fuel levy of R3,00 per litre to be implemented in the price structures of petrol and R3,93 for diesel from 6 May 2026 to 2 June 2026.
The Maximum Refinery Gate Price (MRGP) and the Maximum Retail Price (MRP) of LPGas that is imported through the Port of Saldanha Bay will be R18 375,72 per metric tonne and R40,85 per kilogram, respectively, effective from 6 May 2026.
The fuel prices will be adjusted as follows from 6 May 2026:
- Petrol 93 ULP & LRP: Increase of R3,27/l
- 95 ULP & LRP: Increase of R3,27/l
- Diesel 500ppm: Increase of R6,19/l
- Diesel 50ppm: Increase of R6,19/l
- Illuminating paraffin: Increase of R4,22/l on the wholesale price
- Illuminating paraffin: Increase of R5,63/l on the suggested retail price
- LPGas: Increase of R5,07/kg on the maximum retail price (except for the Western Cape where it will increase by R5,78/kg. This adjustment would mean an increase of about R180 for a tank of petrol and about R340 on a 55-litre tank of diesel.
