South Africans will need to brace themselves for a steep fuel increase in May, with both 93 and 95 expected to increase:
Despite the recent strengthening of the rand, motorists in South Africa are unlikely to receive any respite at petrol pumps next month due to the sustained elevated global oil prices.
The global oil prices have remained steady at around $85 per barrel, which has contributed to the continued increase in fuel costs in the country. The surprise announcement by OPEC+ on production cuts and reduced Iraqi flows have contributed to some of the gains, stabilizing the oil prices.
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