Diesel Prices Set to Surge as Middle East Tensions Unsettle Oil Markets

South African drivers can expect another increase in diesel prices this August as tensions in the Middle East continue to unsettle oil markets. According to data from the Central Energy Fund, the price of 50ppm diesel is expected to rise by R1.75, while 500ppm diesel will see a hike of R1.91.

The sharp rise in diesel prices comes as international oil prices move sharply in response to fears of supply disruption and diplomatic developments unfolding. Petrol price cuts have been put on hold pending the outcome of changes to the Slate Levy, which compensates fuel companies for oil price fluctuations.

The Department of Mineral and Petroleum Resources will announce the official petrol and diesel price adjustments for August early next week. Current retail prices show 95 Unleaded at R25.23 at the coast and R26.11 in Gauteng, while 93 Unleaded stands at R25.94 in Gauteng.