The department of energy announced today that the price of all grades of petrol will rise again by 28c/l in the first week of May. This is 4c/l higher than we expected, although the 4c reflects the need to recover some of the deficit on the Slate Account.
The latest increase brings the price of petrol to an all time high of R12.22/l in Gauteng. The diesel price will increase by 9.4c/l, and will now cost R10.73c/l in Gauteng (slightly lower at the coast). During the period under review, the average international product price of petrol increased, whilst diesel decreased slightly. The average Rand/US Dollar exchange rate weakened when compared to the previous period.
More positively, there is currently a daily over-recovery on the petrol price of 9c/l. This suggests that the petrol has peaked, at least for the moment, and it is possible that we see a small petrol price reduction next month.
Laura Jones
Economic Assistant
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