Fuel Price Increases Loom for South African Motorists
South African motorists could see fuel prices rise by as much as R6 per litre in April 2026 if current oil price trends persist. This follows a recent surge in the Brent crude oil price, which briefly reached nearly $120 a barrel amid escalating tensions in the Strait of Hormuz.
As of March 10, the rand was trading at R16.20 to the dollar, recovering slightly from R16.87 on March 9. This fluctuation in the currency is expected to impact fuel prices, with the retail price of 95 unleaded petrol predicted to increase by R3.34 per litre.
In addition to petrol, the wholesale price of diesel is projected to rise significantly, with increases of R5.66 per litre for 0.05% sulphur diesel and R5.78 for 0.005% sulphur diesel. Currently, the inland price of 93 unleaded petrol stands at R20.19, while 95 unleaded petrol is at R20.30.
The Department of Mineral and Petroleum Resources has assured the public that there is no immediate risk of fuel shortages in South Africa. A spokesperson stated, “While prolonged geopolitical tensions may exert pressure on international oil prices, the department wishes to assure the public that there is currently no immediate risk of fuel shortages in South Africa.”
Historically, South Africa’s highest petrol price was recorded in July 2022, reaching R26.74 per litre, largely attributed to the fallout from the Russian invasion of Ukraine.
South Africa imports over 20 billion litres of crude oil and refined petroleum products annually, with nearly half sourced from Nigeria and the rest from the Middle East. The country maintains strategic crude reserves designed to provide approximately 90 days of supply.
Currently, the Astron Energy refinery is undergoing a planned maintenance shutdown but has secured sufficient fuel imports to mitigate any immediate supply concerns.
Economists have noted that higher oil prices will likely lead to increased input costs across various sectors. Lungile Mashele commented, “We are deeply susceptible to these shocks and they will become evident in our food, electricity, fuel, medical, clothing, car and building prices.” However, he also cautioned that while higher oil prices will lead to increased costs, this does not necessarily equate to inflation.
Details remain unconfirmed regarding the final increases in fuel prices, as the volatility in oil markets continues to create uncertainty. The impact of ongoing geopolitical tensions on fuel supply and prices remains unclear.
