Fuel price hike for March but worse could be on the cards

Fuel prices will come off recent lows with hikes set to take effect on 04 March when the Department of Mineral and Petroleum Resources (DMR) makes its usual adjustments on the first Wednesday of the month.

The latest changes will see South African consumers pay more across the board, including an increase of 20 cents for a litre of both grades of petrol. The wholesale price of diesel will go up by between 62 and 65 cents per litre, while illuminating paraffin will cost 44 cents more per litre.

Read: Oil spikes as Middle East war all but halts Hormuz ship strait

The March adjustments will break consecutive fuel price drops seen in recent months, when the relief brought petrol down to a four-year low.

“The rand appreciated against the US dollar during the period under review, on average, when compared to the previous period,” DMR spokesperson Robert Maake said on Monday, however, oil prices have been trading higher.

Despite a slightly stronger local currency, external risk factors persisted amid tensions in Venezuela during a regime change triggered by US President Donald Trump.

Geopolitical tensions have only worsened since the US and Israel jointly struck Iran on Saturday – a move that saw the Strait of Hormuz being closed.

The passage in the Middle East handles at least 20% of global oil supply.

The hostilities have seen the oil price spike, signalling more price trouble for South African consumers who must also still brace for the impact of an increase in the general fuel levy and the Road Accident Fund levy, set for April, announced last week in SA’s 2026 Budget.

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On Monday, the oil price jumped to just below the key $80-a-barrel mark, before softening a little.

The jump in the oil price also saw Sasol’s share price gain over 5% on the JSE.

Sasol share price

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