South Africa: Fuel Prices Set To Drop Again In May

Fuel prices are expected to decrease in May, according to the latest data from the Central Energy Fund (CEF).

Petrol prices may drop by up to 19 cents per liter, while diesel prices could fall by 37 cents per liter.

This anticipated reduction follows a price relief in April, where petrol prices were cut by 58-72 cents per liter and diesel prices decreased by 84-86 cents per liter.

Grant Nader, Portfolio Manager at Benguela Global Fund Managers, attributes the predicted decline to drops in global oil prices and a stronger rand.

Nader notes that the Rand oil price has dropped 13% for the month, which could lead to further cuts in petrol prices.

He estimates potential reductions of around 20 cents for petrol and 37-38 cents for diesel, building on the significant cuts seen in April.

If these price levels are maintained throughout May, further decreases may be expected.

Source:https://energynewsafrica.com