The cost of petrol and diesel is set to go up even more than initially anticipated next month.
Month-end data from the Central Energy Fund (CEF) shows that fuel price recoveries have dropped even further over the last week, meaning that motorists can expect an even larger hike once the official fuel price adjustments take effect on Wednesday, 4 March 2026.
Petrol is now expected to go up by 21c per litre, while diesel is facing a bigger increase of 65c per litre.
Unfortunately, this new data is so late in the month that it is all but certain that these will be the final adjustments made to the price of fuel next week.
According to the CEF, petrol and diesel will go up by the following amounts:
- Petrol 93 – Increase of 18 cents per litre
- Petrol 95 – Increase of 21 cents per litre
- Diesel 0.05% (wholesale) – Increase of 62 cents per litre
- Diesel 0.005% (wholesale) – Increase of 65 cents per litre
It’s important to note that these are not the official adjustment figures, which will be confirmed by the Department of Petroleum and Mineral Resources over the next few days.
Global oil market on edge
The predicted increases are noticeably higher than what the CEF previously reported, as petrol was expected to go up by 3c while diesel would rise by 46c per litre.
The price hikes are attributed to the global oil price, which resulted in an under-recovery of -36c per litre for petrol and -83c per litre for diesel.
Oil prices have surged over the past month due to the growing tensions between the United States and Iran, leading to concerns that oil supplies in the Middle East will be disrupted.
The US is currently amassing a military presence in the region, causing the price of oil to escalate from $58 per barrel at the beginning of the year, all the way up to around $72 per barrel as of the end of February.
The two countries agreed to more nuclear talks next week, but the ongoing standoff is keeping the market on edge for the time being.
“Oil prices remain higher this year as concerns about a potential US strike on Iran help to offset broader glut expectations,” reported Bloomberg.
“Traders will be keenly watching a scheduled OPEC+ supply meeting on Sunday, as conflict risks cloud the outlook.”
The silver lining in all of this is that the rand has shown incredible resilience over the last year, maintaining a reasonably strong position against the US dollar and helping to mitigate the rising cost of oil.
The rand continued to hold firm following the National Budget Speech on Wednesday, as Finance Minister Enoch Godongwana unveiled policies aimed at restoring the country’s fiscal stability.
The rand is currently trading at R15.93 per US dollar as of the time of writing.
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