Economists are warning motorists to brace for sharp fuel price increases in April, driven by higher global oil prices and ongoing instability in the Middle East.
Analysts say both petrol and diesel could rise by between R2 and R4 a litre, placing additional strain on already stretched consumers and businesses.
The projected hikes follow a surge in crude oil costs linked to escalating tensions involving Iran, which has effectively blocked the Strait of Hormuz a key shipping corridor that carries roughly 20% of the world’s oil supply.
The disruption has pushed Brent crude prices higher and added pressure on the rand, compounding the expected impact at the pumps in South Africa.
Economists caution that should oil prices continue to climb, or the local currency weaken further, motorists could face even steeper increases than current forecasts.
In the meantime, consumers will feel the pinch immediately, with a 20 cents per litre petrol increase taking effect on Wednesday.
With transport costs feeding into food and goods prices, the looming hikes may ripple through the broader economy meaning the journey to work could soon cost more than just patience in traffic.v