Global tensions push local fuel costs even higher
South Africans will face higher fuel, paraffin, and LPG prices from midnight, as global oil market pressures and geopolitical tensions push costs up.
South African motorists and energy consumers will face increases at the pump, as well as higher paraffin and liquefied petroleum gas (LPG) prices, from midnight on March 3.
The adjustments follow the latest monthly fuel price review announced by the Department of Mineral Resources and Energy.
The price changes reflect a combination of global oil market pressures and local currency fluctuations, which have pushed up the cost of petroleum products during the fuel pricing review period.
Price changes effective nationwide:
• Petrol (93 and 95 ULP and LRP): +20 cents per litre
• Diesel (0.05% sulphur): +62 cents per litre
• Diesel (0.005% sulphur): +65 cents per litre
• Illuminating paraffin (wholesale): +44 cents per litre
• Illuminating paraffin SMNRP: +58 cents per litre
• Liquefied petroleum gas (LPG): +23 cents per kilogram (maximum retail price)
Henry van der Merwe, chairperson of the South African Petroleum Retailers Association (SAPRA), said these adjustments highlight the ongoing volatility in international crude markets and the impact of global geopolitical events on local fuel costs.
“The conflict-related risk premium on crude oil and other supply pressures have caused crude benchmarks to rise significantly, adding upward pressure to local fuel prices,” he said.
While the rand showed some resilience against the US dollar, this was not enough to offset the strong impact of rising crude and refined product prices.
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The monthly fuel price review considers international crude and petroleum product prices, exchange rate movements, transport costs, and the local product slate, which helps determine under- or over-recoveries in the basic fuel price.
Van der Merwe warned that escalating geopolitical tensions over the weekend, including the closure of the Strait of Hormuz, which handles at least 20% of global oil supply, could signal further price instability.
He also noted that South African consumers will need to prepare for the impact of the general fuel levy and Road Accident Fund levy increases, as announced in the 2026 budget.
