Motorists might want to breathe a sigh of relief as the price of petrol might drop next month.
This is according to the Central Energy Fund’s (CEF) mid-month data which shows that the price of petrol might decrease on the first Wednesday of May.
According to this data both octane petrol will likely decline by 34 cents per litre while diesel, however, might see a 70 cents per litre hike.
The Cape Chamber of Commerce and Industry says the reprieve is something to embrace, but warns that it is still best to make use of lift clubs.
“As for private commuting that is the best.
“The exact impact on the prices of commuter taxi fares and bus tickets will vary, of course, and be subject to commercial decisions,” said president of the chamber, Jacques Moolman.
The new civil society organisation known as the Cape Forum or Kaapse Forum have also welcomed the news.
“We’re very pleased with the expected decrease,” said the organisation’s Heindrich Wyngaard.
“It will bring a welcome reprieve to all consumers.”
However, he said, even when the petrol price is decreased, the uncertainty of future hikes remained.
“It is therefore in the best interest of all South Africans, the haves and the have nots, for the (petrol) price to be kept at manageable levels for consumers,” he said.
The Department of Mineral Resources and Energy said the preliminary data did not cover other potential changes like slate levy adjustments or retail margin changes, which are determined by the department at the end of the month, taking all variables into account.
Due to Russia’s involvement in the conflict in Ukraine, which has affected fuel prices globally and forced Minister of Finance Enoch Godongwana to announce a temporary reduction in the general fuel levy of R1.50 until May 31.
The AA said it appreciated that there was no quick-fix solution to mitigating rising fuel costs, and the high prices could not be sustained by a consumer base already reeling from increased rates to, among others, electricity costs, food prices, and public transport fares.
“The intervention to cut the General Fuel Levy is significant as it shows the government is taking the issue of rising fuel costs seriously, which is to be welcomed,” said spokesperson Layton Beard.
“It also has indicated that it is looking at several proposals to deal with rising fuel costs into the future.”