South Africa raises petrol price by R2.04/litre amid global oil tensions

Business

PRETORIA, South Africa (NPA) — South Africa has announced an upward adjustment in fuel prices effective May 6, 2026, with petrol prices rising by R2.04 per litre as global crude oil prices and supply disruptions continue to pressure international energy markets.

The adjustment was announced by the country’s Ministry of Mineral and Petroleum Resources in an official statement outlining the factors behind the latest fuel price review.

According to the ministry, the increase follows a rise in average Brent crude oil prices from 93.67 dollars per barrel to 101 dollars during the review period, driven largely by tensions between the United States and Iran, the closure of the Strait of Hormuz, and damage to critical oil infrastructure affecting global supply chains.

The statement noted that international petroleum product prices also increased significantly, particularly for diesel and paraffin, due to stronger demand and reduced supply from the Persian Gulf region.

Authorities said the rising costs contributed to increases of:

• R2.04 per litre for petrol,
• R4.96 per litre for diesel, and
• R4.21 per litre for illuminating paraffin.

The ministry added that prices of propane and butane also increased during the period due to limited global supply linked to the continued closure of the Strait of Hormuz.

On currency performance, the government said the rand remained relatively stable against the U.S. dollar during the review period, contributing less than one cent per litre to fuel price adjustments.

The statement further disclosed that the cumulative slate balance for petrol and diesel stood at a negative R14.173 billion as of March 2026, prompting the implementation of a slate levy of 122.70 cents per litre in line with the country’s self-adjusting fuel pricing mechanism.

Despite the increases, the South African government announced a temporary extension of fuel levy relief measures aimed at cushioning the impact on consumers.

According to the ministry, the Minister of Finance, in consultation with the Minister of Mineral and Petroleum Resources, approved a further temporary reduction in the general fuel levy of 300.0 cents per litre for petrol and R393.0 cents per litre for diesel from May 6 to June 2, 2026.

The government also announced new Maximum Refinery Gate Price and Maximum Retail Price levels for LPG imported through the Port of Saldanha Bay in Western Cape Province.

Under the revised pricing structure, LPG will sell at R18,375.72 per metric ton and R40.85 per kilogram effective May 6, 2026.