By: Noluthando Mchunu
The Department of Mineral and Petroleum Resources has confirmed that both petrol and diesel prices will rise sharply this Wednesday, marking another difficult month for consumers already under financial pressure.
Petrol will increase by R3.27 per litre, while diesel is set to surge by a steep R6.19 per litre. The price of illuminating paraffin will also climb, rising by R4.22 per litre. The increases are expected to have a knock-on effect on transport costs, food prices and other essential goods, further straining household budgets.
The hikes come amid continued volatility in global oil markets. Oil prices had briefly dropped to around $95 a barrel following optimism that the United States and Iran might negotiate a ceasefire and bring an end to the conflict.
However, those gains were quickly reversed after talks broke down. The situation escalated further when the United States imposed a blockade in the Strait of Hormuz, a critical global oil transit route, pushing prices back above $100 a barrel.
Analysts warn that the outlook remains uncertain, with geopolitical tensions in the Middle East continuing to drive instability in fuel prices. According to economists, South Africans could face even steeper increases in June if there is no resolution to the conflict.
With fuel costs feeding directly into inflation, experts caution that the latest hikes could slow economic recovery and place additional pressure on both businesses and consumers in the months ahead.
