Petrol, diesel prices to fall further in May on global crude oil weakness

South African motorists will be paying substantially less for petrol and diesel from Wednesday, as local fuel prices plunge in line with historic drops in the international price of crude oil. 

All grades of petrol will fall by R1.74 per litre from midnight on Tuesday, while diesel will decline by between R1.56 and R1.61 per litre.

The wholesale price of illuminating paraffin will drop by R2.23 per litre, while the maximum LPGas retail price will fall by R2.62 per kilogram. 

Minister of Mineral Resources and Energy, Gwede Mantashe, said in a statement that the main reason for the fall in fuel prices was a decrease in the average benchmark Brent Crude oil price from $35.25 to $20.00 per barrel for the period under review.

Global crude oil prices have plunged since the start of the coronavirus outbreak as economies shut down and motorists stay home. 

After the price adjustment, a litre of 95 octane unleaded petrol will fall to R12.22 from R 13.96 in the inland zone. On the coasts, motorists will pay R11.52 per litre. 

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