As the ongoing conflict between Iran, the United States of America (USA) and Israel continues, fuel supply is taking a strain with exorbitant increases for both petrol and diesel on the cards for South African motorists.
On Friday 7 March, Brent Crude oil was trading at $87 per barrel from $64 in February. In the past week alone, since the start of the conflict on Saturday 28 February, oil has gone up by 20%, threatening unprecedented fuel hikes in April.
Latest data: Petrol at R3,78 in the red
The latest data from the Central Energy Fund (CEF) shows a scary image for motorists as they could pay up to R4,50 more at the pumps. However, the figures could change depending on the current situation. Data released on Friday showed a diesel under-recovery of R7 per litre, with petrol around R3,78 in the red. This means petrol could go up by about R2,41 and diesel by R4,50 for low sulphur (50ppm).
If current oil price and rand trends continue indefinitely, motorists will see a petrol increase of more than R3 and diesel going up by at least R5.
95 Unleaded petrol currently costs R19,47 at the coast and R20,30 in Gauteng, where 93 Unleaded retails at R20,19. The wholesale price of diesel is currently pegged at R17,84 at the coast and R19,17 inland.
Much of the heightened price pressure stems from concerns around the Strait of Hormuz, which Iran has threatened to disrupt.
Explosion: Attacks continue across the gulf
Around 20% of the world’s seaborne crude oil passes through this critical chokepoint.
On Saturday 7 March, the conflict continued unabated.
An explosion was heard over Dubai Airport followed by a cloud of smoke in the air, a witness told AFP, as Iran pressed attacks across the Gulf.
ALSO READ: Middle East war rages into second week: Witness describes explosion over Dubai Airport
The Flightradar24 tracking website showed planes circulating above the airport in an apparent holding pattern.
Limited flights resumed from Dubai’s main airport, the world’s busiest for international traffic, on Monday despite daily drone attacks on targets in the United Arab Emirates (UAE).
Dubai Media Office described “a minor incident resulting from the fall of debris after an interception” in a post on X, but also denied reports circulating about the airport in the same post.
Four staff were injured and a concourse damaged at Dubai airport last Saturday, as war erupted following US-Israeli strikes against Iran.
