<\/p>\n
South Africans will pay a record price for fuel as the latest oil shocks caused by the Iran war catch up with the monthly adjustments made by the government at the pump.<\/p>\n
The retail price of 95-octane fuel in the province of Gauteng will climb by R3.33 ($0.20) per litre on October 7, the Department of Mineral and Petroleum Resources said in an emailed statement. The 12% increase lifts the price at the pump to R30.25 per litre, the highest on record. The wholesale cost of diesel will increase by as much as R3.24 per litre.<\/p>\n
Oil advanced to around $100 per barrel last month as the US and Iran continued to exchange attacks and Saudi Arabia\u2019s East-West Pipeline was shut by a drone attack.<\/p>\n
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While that means higher fuel prices globally, the pain can be felt more keenly in Africa where households spend proportionately more of their earnings on transportation, due to a reliance on road travel and a lack of public transport.<\/p>\n
It could also increase pressure on the South African Reserve Bank to raise interest rates again to defend its 3% inflation target. Higher fuel prices since the start of the war in late February have already helped pushed consumer-price growth to 4.4%, prompting the central bank to raise rates twice so far this year.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#South #Africa #fuel #prices #record #high #oil #shock<\/p>\n","protected":false},"excerpt":{"rendered":"
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