South African fuel pump prices will jump by up to 12% on Wednesday, pushing inland 95-octane petrol past R30 per liter (approximately $1.80) for the first time in national history.
The Department of Mineral and Petroleum Resources announced the regulated price hikes on Monday, attributing the spike to surging international petroleum costs triggered by the escalation of the US-Iran war.
Under the new pricing structure, inland Petrol 95 increases by R3.33 to R30.25 per liter. Petrol 93 climbs by R3.12 to reach R30.04 per liter across Gauteng and inland provinces.
Wholesale diesel with 0.005% sculpture content soars by R3.24 per liter, while 0.05% sulphur diesel rises by R2.84. Illuminating paraffin jumps R3.58 per liter at wholesale, compounding household energy costs.
Global benchmark Brent crude surged from $87.89 to over $101 per barrel during the review period. Supply uncertainty through the Strait of Hormuz and elevated global shipping rates drove severe under-recoveries in domestic pricing.
Although the South African Rand held relatively stable near R16.21 against the US Dollar, local currency firmness provided negligible relief against the massive increase in international product supply costs.
The double-digit surge threatens headline consumer price inflation, raising transport fares and freight charges across key agricultural and retail supply chains. Economists expect heightened pressure on the South African Reserve Bank’s interest rate stance.
