South African consumers can expect more weighty fuel price increases in May. Effective the 2nd of May, the price of 95 unleaded petrol will increase by 49 cents a litre.
Inland Gauteng motorists will be paying R14.97 a litre – just 3 cents shy from R15.00 a litre.
Diesel prices will rise by 59 cents.
Illuminating paraffin wholesale prices will rise by 52 cents to R8.45 a litre.
The rise comes on the back of the rand having depreciated against the US dollar, as well as oil prices, which are denominated in US dollars, remaining elevated.
These fuel hikes follow price increases in April which was partly driven by a hike in vehicle taxes. This is likely to see consumer and producer inflation rise.
The last CPI print for March registered inflation at 3.8 percent, year-on-year, on the lower side of the Reserve Bank’s 3 to 6 percent target.
But many analysts expect that that will be the last low print this year.
The Department of Energy says the biggest contributors to the hike are the rising cost of international product prices, such as the huge jump in the oil price.