Petrol price for May 2020: Get ready for another massive decrease

With our lockdown tentatively set to end during the first week of May, South Africans will re-enter a much-changed society with one facet of good news. The petrol price is set for its second consecutive major decrease, as the current global health crisis wreaks havoc with the cost of oil.

How much will petrol cost in South Africa for May 2020?

According to the current mid-month forecast from the Central Energy Fund (CEF), almost R2 per litre could be wiped off our petrol prices, mirroring the declines we’ve seen this month. It is estimated that R1.89 will be the upper limit of what get’s shaved from the 95 grade. It’s the fifth month in a row that the petrol price has taken a tumble, making it a clean sweep for 2020 so far.

Meanwhile, diesel is also set to fall by as much as R1.17 per litre in May – a double-whammy of good news for motorists during these testing times. Although neither of these values will beat the record monthly drop set for April, it does come extremely close. For now, we’re not complaining.

Why the petrol price is dropping… again

Demand is low, as the world economy grinds to a shrieking halt. Russia and Saudi Arabia are also emerging from a stand-off which has sent the price of crude through the floor.

It was feared that the rand’s historically bad performance would mitigate the cuts, but we’re heading for another cost-busting month at the pumps. The AA will release a statement on the matter on Wednesday.

The forecast petrol price for May 2020

Taking these forecasts and first estimates into account, here’s what you can expect to pay for fuel (price-per-litre) from the first week of May onwards. However, we have to stress that these mid-month estimates are liable to change by the time the Department of Energy set next month’s costs in stone.

Coastal

• Petrol: R11.37
• Diesel: R10.92

Inland

• Petrol: R12.07
• Diesel: R11.52