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Tensions in the Middle East have escalated driving fuel prices up, in particular oil prices. Oil prices are further expected to skyrocket following Iran blocking the Strait of Hormuz where the majority of oil supplying the globe passes through.
As expected, with the current tensions in the Gulf, the world is going to feel it, many economies are going to be affected including South Africa. In accordance, the Minister for the Department of Mineral and Petroleum Resources Mr Gwede Mantashe announced the fuel price adjustment on Tuesday, 3 March 2026.
The fuel prices have been adjusted upward. The department says the average Brent Crude oil price increased from 64.08 US Dollars (USD) to 69.08 USD during the period under review. The main contributing factors are the higher shipping rates as well as the geopolitical uncertainty caused by the tension between the US and Iran, which could result in disruption of crude oil supply in the Strait of Hormuz.
The average international product prices followed the increasing trend of the crude oil price. These factors led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 37.53 c/l, 81.36 c/l and 63.81 c/l respectively. The prices of Propane and Butane increased during the period under review due to the cold weather in the Northern Hemisphere and tighter global supply.
The Rand appreciated on average, against the US Dollar (from 16.31 to 16.00 Rand per USD) during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and Illuminating Paraffin by 16.96 c/l, 19.20 c/l and 19.21 c/l respectively.
The cumulative slate amounted to a positive balance of R5.9 billion for petrol and diesel of at the end of January 2026. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, the slate levy remains unchanged at zero cents per litre (0.00c/l) in the price structures of petrol and diesel with effect from the 4th of March 2026.
The Maximum Refinery Gate Price (MRGP) and the Maximum Retail Price (MRP) of LPGas that is imported through the Port of Saldanha Bay will be R 13 076.49 and R 33.84 per kilogram, respectively, effective from the 4th of March 2026.
Based on current local and international factors, the fuel prices for March 2026 will be adjusted as follows:
❖ Petrol 93 (ULP & LRP): twenty cents per litre (20.00 c/l) increase.
❖ Petrol 95 (ULP &LRP): twenty cents per litre (20.00 c/l) increase.
❖ Diesel (0.05% sulphur): sixty-two cents per litre (62.00 c/l) increase.
❖ Diesel (0.005% sulphur): sixty-five cents per litre (65.00 c/l) increase.
❖ Illuminating Paraffin (wholesale): forty-four cents per litre (44.00 c/l) increase.
❖ SMNRP for IP: fifty-eight cents per litre (58.00 c/l) increase.
❖ Maximum Retail Price of LPGas: twenty-three cents per kilogram (23.00 c/kg) increase and twenty-six cents per kilogram (26.00 c/kg) increase in the Western Cape.
