MASSIVE HIKES: Fuel tied to Middle East conflict
Image: Picture: Karen Sandison/Independent Newspapers
April's diesel price increase could hit R10, while petrol hikes will exceed R5.
Image: AI / ChatGPT
SOUTH Africans are facing near-record fuel price hikes next month as the war in the Middle East continues to wreak havoc on international oil markets.
According to the Central Energy Fund, diesel could skyrocket by close to R10, with data released on 25 March, showing significant underrecoveries that point to potential increases of R9.67 for 500ppm diesel and R9.81 for the cleaner 50ppm diesel grade.
This could push the price of diesel to above R30 for the first time ever. The wholesale price of diesel is currently listed at R17.84 at the coast and R18.60 inland, but retail margins generally add between R2 and R3 to those totals.
Petrol is looking set for increases of between R5.18, for 93 Unleaded, and R5.72 for the 95 grade.
April’s estimated price of R26.23 for 95 Unleaded inland brings the fuel close to its all-time record of R26.74 in July 2022.
Although international oil prices have softened this week due to hopes of a de-escalation of the conflict in the Middle East, these recent movements will not make a significant difference to April’s fuel price calculation at this late stage of the monthly cycle.
The final blow will be dealt by the increase in fuel taxes that was announced by Finance Minister Enoch Godongwana during his 2026 Budget Speech.
From 1 April, South Africans will be paying an additional 21 cents per litre in fuel taxes.
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