The price of petrol, both 93 and 95, will increase by 37c/ℓ as of May 1, while diesel prices will decrease by 30c/ℓ and 36c/ℓ for 0.05% sulphur and 0.005% sulphur, respectively, the Department of Mineral Resources and Energy (DMRE) has announced.

It notes that the average Brent crude oil price increased from $84.22/bl to $88.10/bl during the period under review.

"There was a lot of volatility in the market during this period. The main contributing factor is the growing geopolitical tensions in the Middle East and sustained production cuts by Organization of the Petroleum Exporting Countries-plus countries," the DMRE states.

As a result of the higher Brent crude oil prices, the average international product prices of petrol have increased.

Further, the rand depreciated against the dollar, from R18.04 to R18.90, during the period under review.

Meanwhile, the prices of diesel, illuminating paraffin and liquefied petroleum gas (LPG) decreased owing to seasonal changes and reduced demand in the northern hemisphere as it moves away from its winter season, the DMRE says.

Illuminating paraffin prices will decrease by 19c/ℓ and LPG prices by 46c/kg from May 1.