From Wednesday, 2 September, motorists are set for another financial blow as fuel prices rise sharply. Petrol will increase by R1.34 per litre, while diesel prices will rise by more than R3 per litre. According to the Department of Mineral and Petroleum Resources, both 93 and 95 unleaded petrol grades will increase by R1.34 per litre. Wholesale diesel prices will rise by R3.15 per litre for 0.005% sulphur diesel and R2.94 per litre for 0.05% sulphur diesel. Following the adjustment, diesel prices will increase to R29.11 per litre in Gauteng and R28.24 per litre on the coast, the highest levels since May. Petrol prices will reach R26.92 per litre in Gauteng and R26.05 per litre on the coast, making them the highest levels since June.
Fuel prices are largely influenced by international oil prices and the rand-dollar exchange rate, as crude oil and refined petroleum products are traded in US dollars. Although the rand strengthened from an average of R16.46 to the US dollar to R16.21 over the past month, the benefit was outweighed by a sharp rise in Brent crude oil prices, which increased from US$82.37 to US$87.88 a barrel. The increase is likely to put further pressure on household budgets and businesses, with higher fuel costs potentially feeding into transport, food and other goods and services.
The latest increase comes as motorists continue to feel the impact of rising living costs. Petrol prices began the year at around R20 per litre in Gauteng, meaning motorists are now paying substantially more to fill their vehicles. For consumers already under financial pressure, the latest adjustment is expected to make commuting and other transport-related expenses even more costly.
