South Africa Fuel Prices Projected to Hit Record Highs

Fuel prices in South Africa are projected to reach record highs on October 7, 2026. Data from the Central Energy Fund indicates that 95 unleaded petrol is expected to exceed R30 per litre in Gauteng for the first time, with projected increases of R3.29 per litre for 95 petrol and between R3.08 and R3.29 for 93 petrol. Diesel is also facing record increases, with 0.05% sulphur diesel projected to reach R31.91 in Gauteng.

These price hikes are driven by Brent crude oil trading around $100 per barrel and a weakening rand against the US dollar. Global supply pressures include an eight-month war between the United States and Iran, Ukrainian drone strikes on Russian refineries, and a suspension of fuel exports by China to preserve local stocks. Additionally, US President Donald Trump has threatened to ban US diesel exports, which would further strain South Africa's reliance on imports from the United States.

The Department of Mineral and Petroleum Resources will determine the final adjustments. These increases may lead to higher inflation, potentially prompting the South African Reserve Bank to raise interest rates in November.