Here's how much more you'll pay for a tank of fuel from Wednesday

Fuel prices in South Africa are set to surge on Wednesday, September 2, due to escalating conflict in the Middle East driving up international oil costs. The Department of Mineral and Petroleum Resources has announced that petrol prices will rise by R1.34 per litre, with diesel prices expected to increase between R2.94 and R3.15 per litre, depending on the grade.

Illuminating paraffin will also see a R2.84 per litre price hike. After the adjustments, 95 unleaded petrol will cost R26.05 at the coast and R26.92 in inland areas, while 93 unleaded will retail at R26.76. Wholesale diesel prices will jump to R28.23 at the coast and R29.11 inland, with 50ppm diesel costing R28.79 and R30.05 respectively.

2026 has been a tumultuous year for South African fuel prices, with 95 Unleaded increasing by R6.58 from March to September and diesel rising by R10.75 over the same period. The latest hikes follow mixed August adjustments, where petrol dropped by 52 cents per litre initially, but diesel rose between R1.23 and R1.38 per litre. Petrol prices peaked at R27.19 in June, while diesel's peak was R30.30 in May.

Ongoing conflict between the US and Iran since late February has caused significant volatility in international oil markets, with oil prices remaining well above pre-war levels of $70 per barrel. JP Morgan Global Research now anticipates Brent crude to average $86 per barrel in the third quarter, before falling to $80 by year-end.

The bank expects demand losses to be larger than anticipated and commercial inventories in OECD countries to be smaller than expected, with China as a potential example of demand destruction. They also foresee limited long-term damage to oil production in the Gulf region, despite uncertainty over OPEC's future.