A tank of fuel will cost anything from R40 to R220 more from September 2.
Image: Tumi Pakkies / Independent Newspapers
Wednesday’s fuel price hikes will be nothing short of punishing for South African motorists, who have already endured a turbulent year of rising transport costs since the Middle East war sent oil prices surging.
The outlook is particularly bleak for diesel customers. On Monday the Department of Mineral and Petroleum Resources announced that on September 2, the price of 500ppm diesel will rise by R2.94 per litre, while 50ppm will see a R3.15 increase.
On the petrol front, motorists can expect an increase of R1.34 per litre for both grades.
What this means at the pumps is that Gauteng motorists will now pay R26.76 for a litre of 93 unleaded and R26.92 for 95 unleaded, with the latter now costing R26.05 at the coast. The wholesale price of diesel is now set at R29.11 in Gauteng and R28.23 at the coast, with 50ppm costing R30.05 and R28.79 respectively.
Putting 70 litres of diesel into your bakkie’s 80 litre tank will cost an extra R205 from Wednesday, if you’re refuelling with 500ppm, or R220 if refuelling with the cleaner 50ppm.
Those with small petrol-powered cars can expect to pay R40 more for a 30-litre refuel and R53.60 extra for a 40 litre tank. A 50 or 60 litre refuel of a larger car or SUV will carry a premium of R67 to R80.
How much you'll pay for a tank from September 2.
Image: ChatGPT
While September’s increases will push fuel prices close to their recent highs, 95 petrol at R26.05 a litre at the coast remains below its June peak of R27.19, while wholesale diesel at R28.23 is still below its May high of R30.30.
Given the oil price volatility that we’ve seen in the past month, it’s impossible to predict where fuel prices are going in October.
Oil prices were trading higher on Tuesday as renewed military exchanges between the US and Iran revived concerns about disruptions to crude supplies, particularly through the strategically important Strait of Hormuz.
Brent crude was around $91 per barrel this morning, while US West Texas Intermediate (WTI) was above $86 per barrel, after both benchmarks jumped more than 2% on Monday.
The outlook for the next month will largely depend on whether tensions escalate or diplomatic efforts gain traction.
A prolonged disruption to shipping through the Strait of Hormuz could push crude significantly higher, with some analysts warning that prices could approach $100 a barrel, while a de-escalation and restoration of normal shipping could ease the current supply-risk premium.
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