South African government announces fuel price increases for March as Middle East volatility impacts energy markets

South Africa confirms petrol will rise by 20c and diesel by up to 65c in March 2026 as global oil prices surge due to Middle East conflict.

By: AXL Media

Published: Mar 3, 2026, 3:55 AM EST

Source: The information in this article was sourced from BusinessTech

Official adjustments for petrol and diesel

The Department of Petroleum and Mineral Resources has finalized the fuel price structure for the month of March, reflecting a general upward trend in energy costs. According to the official schedule, both 93 and 95 octane petrol will see an increase of 20 cents per litre. Diesel consumers will experience a more significant adjustment, with 0.05 percent sulphur diesel rising by 62 cents per litre and the 0.005 percent sulphur variant increasing by 65 cents per litre. These changes are slated to take effect at the pumps from midnight on Wednesday.

Impact of global geopolitical instability

The primary driver behind the price hike is the heightened volatility in the Middle East, particularly the recent escalations involving the United States, Israel, and Iran. During February, international oil prices experienced a dramatic surge, climbing from below 60 dollars a barrel to over 80 dollars a barrel. Much of this upward movement was concentrated toward the end of the month following military strikes in the region, which disrupted global supply expectations and forced international product prices higher for petrol, diesel, and illuminating paraffin.

Rand resilience provides partial offset

Despite the surge in international oil costs, the South African rand maintained a degree of strength against the US dollar, which helped to prevent even steeper price increases. For the period between January 30 and February 26, 2026, the average exchange rate was 15.9959, compared to 16.3054 in the preceding review cycle. This appreciation contributed a saving of approximately 16.96 cents per litre for petrol and over 19 cents per litre for diesel and paraffin, though this was ultimately insufficient to counteract the massive spike in the basic fuel price.