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Motorists will have to dig deeper into their pockets as fuel prices increase from Wednesday.
The price of petrol will go up by 20 cents per litre, while diesel will rise by between 62 and 65 cents per litre. The adjustment forms part of the routine monthly review conducted by the Department of Mineral and Petroleum Resources.
According to the department, the increases are largely driven by higher international shipping costs, rising global oil prices and ongoing geopolitical tensions in the Middle East.
Recent conflict in the region has intensified concerns about possible disruptions to global oil exports. Strikes by the United States and Israel on Iran have fuelled market uncertainty, contributing to a sharp spike in the price of Brent crude oil, which climbed to nearly 80 US dollars per barrel on Monday.
Analysts warn that the renewed volatility in global oil markets could reverse recent gains made during a period of lower headline inflation. Should tensions escalate further, oil prices could surge to as much as 100 US dollars per barrel.
The weakness of the rand against major international currencies is adding further pressure, making fuel imports more expensive. Economists estimate the latest increase could add around 0.4 percent to consumer price inflation in the coming months.
For households already grappling with the rising cost of living, the latest fuel hike is expected to place additional strain on monthly budgets, with knock-on effects likely to be felt in transport and food prices.
