Diesel price hike corrected after decimal error
South Africa’s diesel price increase for May has been revised after a calculation error inflated the initial adjustment announced by the Department of Mineral and Petroleum Resources.
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The correction affects the previously communicated diesel increase of R6.19 per litre, which has since been reduced to R5.27 per litre increase following a decimal-point error in the calculation process, according to reports.
The adjustment forms part of the official monthly fuel price changes announced earlier this week, which set new pump prices effective from Wednesday, 5 May.
According to the Department of Mineral and Petroleum Resources fuel price schedule, petrol prices for both 93 and 95 octane grades will increase by R3.27 per litre, reflecting continued pressure in international oil markets and exchange rate movements.
Diesel, while still set to increase, has been adjusted downward from the originally published figure after the error was identified.
The monthly price adjustments are determined using the regulated fuel pricing formula, which factors in international petroleum product prices and the rand-dollar exchange rate, with the Central Energy Fund providing the underlying data used for calculations.
The latest revision means diesel will rise by less than initially stated, although the final corrected figure remains significantly higher than petrol increases for the month.
Fuel price movements continue to reflect volatility in global crude oil markets and persistent weakness in the rand, both of which have driven upward pressure on local fuel costs in recent months.