Huge petrol and diesel price hikes confirmed for Wednesday, September 2

Significant increases to petrol and diesel prices have been confirmed for Wednesday, September 2. The Department of Mineral and Petroleum Resources announced rises after continued conflict in the Middle East put further pressure on international oil markets.

How much more you will pay

Both grades of petrol will increase by R1.34 per litre. Diesel prices are set to rise by between R2.94 per litre (500ppm) and R3.15 per litre (50ppm). Illuminating paraffin will increase by R2.84 per litre.

Retail and wholesale price points after the adjustment

After the changes take effect:

• 95 unleaded will cost R26.05 at the coast and R26.92 inland.
• 93 unleaded will retail at R26.76.
• The wholesale price of 500ppm diesel will be R28.23 at the coast and R29.11 inland.
• 50ppm diesel will wholesale at R28.79 at the coast and R30.05 inland.

Recent volatility and context

The announcement comes during a year of notable fuel price swings. 95 unleaded increased by R6.58 between March and September, while the wholesale price of diesel rose by R10.75 in the same period.

August brought mixed adjustments: both grades of petrol decreased by R0.52 per litre at the start of the month, while diesel increased by between R1.23 (50ppm) and R1.38 (500ppm).

Petrol and diesel reached earlier highs in 2026: petrol peaked at R27.19 in June, and diesel at R30.30 in May.

International oil market pressures

The Department linked the rise to continued conflict in the Middle East, which pushed international oil prices higher last month. The report notes that the Strait of Hormuz a critical oil passage has been mostly shut to shipping traffic.

Oil prices remain above pre-war levels of around US$70 per barrel. In August, Brent crude traded around US$90 per barrel, lower than earlier highs of about US$126 this year.

Analyst outlook cited

JP Morgan Global Research expects Brent crude to average US$86 per barrel in the third quarter of 2026, easing to US$80 in the fourth quarter and to US$78 by year-end. The bank said the market rebalanced as demand losses were larger than expected and draws from commercial OECD inventories were smaller than anticipated, citing China as an example of potential demand destruction. JP Morgan also said long-term damage to Gulf oil production is likely to be limited but noted uncertainty over OPEC could complicate forecasts.