With the looming petrol price increase, we step into April with a mixed picture. As hopes for relief in petrol costs dampened by a surge in international oil prices, there’s some good news for diesel customers.
Understanding the Current Fuel Price Landscape
Recent data from the Central Energy Fund suggests that petrol prices could spike by as much as 40 cents by month-end. Conversely, diesel prices are expected to dip by around 28 to 33 cents. This follows significant increases in both petrol and diesel costs in March.
Implications for the Economy
A drop in diesel prices could spell relief for industries like agriculture, mining, and manufacturing, where diesel is a major input cost. This decrease might also help curb inflationary pressures on essential goods.
Global Factors at Play
Geopolitical tensions and supply concerns, such as Russia’s oil output restrictions and infrastructure disruptions in conflict zones, are driving international oil prices up. These factors overshadow positive developments like diplomatic initiatives for peace.
Looking Ahead: Official Price Announcements
The Department of Energy will announce April’s official fuel prices soon, with changes effective from April 3rd. With potential petrol price increase on the horizon, it’s crucial for consumers to optimise fuel efficiency.
