For illustration purposes.
The short-lived reprieve at the South African pumps is coming to an abrupt end, after two months of consecutive price drops, motorists are facing a significant hike across all fuel types starting this Wednesday, March 04 .
The Department of Mineral and Petroleum Resources has confirmed that the cost of petrol will climb, while diesel users are set for an even harsher blow.
The official adjustments for March see petrol climbing by 20 cents per litre, while diesel wholesale prices jump by over 60 cents.
Below is the breakdown of what you can expect to pay at the pump:
| Fuel Type | Current Price (Inland) | New Price (Inland) | Estimated Coastal Price |
| Petrol 93 | R19.99 | R20.19 | R19.40 |
| Petrol 95 | R20.10 | R20.30 | R19.47 |
| Diesel 0.05% | R17.91 | R18.53 | R17.70 |
| Diesel 0.005% | R17.95 | R18.60 | R17.84 |
| Illum. Paraffin | R12.10 | R12.54 | R11.52 |
Note: Diesel prices listed are wholesale; retail pump prices will vary by station.
The primary culprit is a “perfect storm” of geopolitical tension and rising commodity costs.
- Conflict in the Middle East: Recent hostilities involving the US, Israel, and Iran have sent global oil markets into a tailspin. Brent Crude oil, which started the year under $60 a barrel, spiked past $80 a barrel in late February following military strikes in the region.
- Shipping & Logistics: Concerns over the potential closure of the Strait of Hormuza critical chokepoint for 20% of the world’s oil have added a risk premium to prices and increased international shipping rates.
- The Rand’s Limits: While the South African Rand has remained surprisingly resilient (trading around R16.00/$1), its strength was not enough to offset the massive surge in international petroleum product prices.
Economists warn that this may only be the beginning.
Aside from the immediate pain at the pump, the higher cost of diesel he lifeblood of the logistics and farming sectors is expected to trickle down into higher food and consumer goods prices in the coming weeks.
Furthermore, motorists should prepare for April 1st, when the fuel levy and Road Accident Fund (RAF) levy increases announced in the National Budget Speech will take effect, adding roughly another 15 20 cents per litre to the cost of fuel.
