Petrol prices shoot higher Wednesday

South Africans woke up to stiffer petrol prices this morning, 37c higher, while wholesale diesel fell by 30c (0.05% sulphur) and 36c (0.005% sulphur).

So motorists in Gauteng will fork out R25.49 a litre, while on the coast, it will cost R24.70 – levels last seen in October 2023. Diesel will be R22.15 a litre in Gauteng and R21.36 on the coast.

The illuminating paraffin price falls by 19c a litre.

The higher prices come on the back of the oil prices surging this month amid military tensions between Israel and Iran. Although the confrontation didn’t trouble oil production, Saudi Arabia and other producers used to opportunity to scale back production, creating an artificial shortage and the higher prices.

Over the past month, the average Brent oil price increased from $84.22 a barrel to $88.10.

Diesel prices fell on reduced demand for the fuel in the Northern Hemisphere as winter retreats.

The rand also weakened from R18.04/$ to R18.90 over the past month, forcing prices for imported products like fuel higher.