Fuel prices increase, amid conflict between US and Iran

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Fuel prices in South Africa will rise with effect from midnight on Wednesday, mainly driven by the increased cost of Brent Crude oil amid conflict in the Middle East. 

 

The Department of Mineral and Petroleum Resources confirmed on Tuesday that both grades of petrol will increase by 20 cents per litre. Diesel is also going up by between 62 and 65 cents per litre, and paraffin will cost 44 cents more per litre. 

 

The department announced the adjustment for March 2026. 

 

According to the departmental spokesperson, Robert Maake, the average Brent Crude oil price jumped from $64.08 to $69.08 during the period under review.  

 

Before the department confirmed this month’s fuel price adjustments, Reuters reported that prices spiked roughly 10% on Sunday alone, with fears that Brent Crude oil could climb as high as $100 (approximately R1,600) per barrel. 

 

“The main contributing factors are the higher shipping rates as well as the geopolitical uncertainty caused by the tension between the US and Iran, which could result in disruption of crude oil supply in the Strait of Hormuz,” read the department’s statement. 

 

Daily Maverick reports that this will “haunt” the South African Reserve Bank’s (Sarb) efforts to contain inflation. It noted that hopes of at least two more 25-basis-point rate cuts may be lost if a triple-digit oil price materialises.  

Caitlin Maledo
Caitlin Maledo
Caitlin is an enthusiastic journalist, that has been exploring her interest in broadcast media since 2019. With a natural curiosity for the world around her, you'll always find her poking around hidden gems throughout Cape Town and surrounds.

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