As has been the trend for much of May, fuel recoveries have been in motorists’ favour, with both petrol and diesel showing over-recoveries for the month.The average international product prices for Petrol, Diesel and Illuminating Paraffin decreased during the period under review.
The Rand appreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 26 April 2024 to 30 May 2024 was 18.4664 compared to 18.9036 during the previous period. This led to a lower contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 30.91 c/l, 29.90 c/l and 30.03 c/l respectively.
The combined cumulative petrol and diesel Slate balances at the end of April 2024 amounted to a negative balance of R696.3 million. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a Slate Levy of 4.38 c/l has been implemented into the price structures of petrol and diesel with effect from 05 June 2024.Absa’s Punki Modise on maintaining growth during uncertain timesGovernment