Fuel price hike anticipated this July

Motorists will have to tighten their belts this July, as an increase in fuel prices is imminent.

The increases are a result of June’s conflict between Israel and Iran – and the subsequent involvement of the United States – which caused international oil prices to surge.

Despite the announcement of a ceasefire on 23 June countering the significant rise in oil price, and the rand holding its own amid the instability, the fuel price increases that had taken root were not meaningfully offset.

Locally, this reflects an expected petrol price increase of between 50 and 53 cents per litre, and diesel price increase of between 82 and 84 cents per litre.

Official prices are to be announced before they kick in on Wednesday, 2 July, but at the time of publication, they are expected to be as follows:

• Petrol 93: R21.76/litre
• Petrol 95: R21.90/litre
• Diesel 500ppm: R19.34/litre
• Diesel 50ppm: R19.41/litre

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