Gwede Mantashe, the Minister of Mineral and Petroleum Resources, declared that fuel prices across South Africa will be adjusted downwards effective from Wednesday next week. This adjustment marks a notable decrease in the cost of various fuel products, reflecting global crude oil trends and domestic economic factors.
In a detailed statement, Mantashe outlined the complexities behind the monthly adjustments to fuel prices, indicating that both local and international elements play a pivotal role. “International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, like shipping costs,” he explained.
The minister highlighted a significant drop in the Brent Crude oil price, which saw a decline from 71.04 USD to 66.40 USD during the most recent evaluation period. This reduction is largely attributed to several global economic dynamics. “The tariff and trade war initiated by the US has raised concerns about a global economic recession and the potential for a reduced demand for crude oil,” Mantashe added. Moreover, he pointed to an oversupply issue thanks to increased production from countries outside the Organization of the Petroleum Exporting Countries (OPEC) and anticipated output boosts from OPEC+ members.
Additional factors influencing the fuel price adjustments include international petroleum product prices, the exchange rate between the Rand and the US dollar, and the implementation of the Slate levy. These combined influences have resulted in the following price changes for May 2025:
- Petrol 93 (ULP & LRP): Decrease of 22 cents per litre (22.00 c/l)
- Petrol 95 (ULP & LRP): Decrease of 22 cents per litre (22.00 c/l)
- Diesel (0.05% sulphur): Decrease of 42 cents per litre (42.00 c/l)
- Diesel (0.005% sulphur): Decrease of 41 cents per litre (41.00 c/l)
- Illuminating Paraffin (wholesale): Decrease of 31 cents per litre (31.00 c/l)
- SMNRP for IP: Decrease of 41 cents per litre (41.00 c/l)
- Maximum LPGas Retail Price: Increase of 46 cents per kilogram (46.00 c/kg)