South Africa fuel prices jump 12% as Iran war drives energy costs

South Africa’s regulated petrol price will rise by as much as 12 percent from Tuesday, while wholesale diesel prices will increase by up to 10 percent, as the Iran war pushes global energy prices higher and raises fresh concerns about inflation. The petrol price will increase by as much as 3.33 rand ($0.20) a litre from October 7, while the wholesale diesel price will rise by up to 3.24 rand a litre, the South African government said on Monday. Read also: WORLD IN BRIEF: Flydubai co-pilot planned Tel Aviv crash, Zambia targets 7% spending rise, South Africa private sector contracts and other stories South Africa imports most of its fuel and adjusts domestic pump prices each month using a formula that takes into account international crude oil prices, the rand exchange rate and other costs. The latest increase reflects the sharp rise in global energy prices linked to the conflict with Iran. The higher fuel costs could put further pressure on inflation, which stood at 4.4 percent year-on-year in August, above the South African Reserve Bank’s 3 percent target. Higher transport and energy costs could also feed into the prices of other goods and services. Read also: Telecom funding boosts South Africa’s FDI inflows to near three-year high The central bank has already raised its policy rate twice since the Iran war began, as it seeks to contain the inflationary effects of the energy shock. It has one remaining rate decision scheduled for mid-November. Read also: The Person on the Other End of the Line The latest fuel increase therefore adds pressure to an already difficult policy environment, as the central bank weighs the need to keep inflation under control against the impact of higher borrowing costs on households and businesses. Related News NAF confirms 25 killed in aircraft crash in Ondo state Tinubu declares three-day mourning to honour jet crash victims ICPC, AGF ask court to dismiss El-Rufai’s N1bn suit over family access Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

The petrol price will increase by as much as 3.33 rand ($0.20) a litre from October 7, while the wholesale diesel price will rise by up to 3.24 rand a litre, the South African government said on Monday. Read also: WORLD IN BRIEF: Flydubai co-pilot planned Tel Aviv crash, Zambia targets 7% spending rise, South Africa private sector contracts and other stories South Africa imports most of its fuel and adjusts domestic pump prices each month using a formula that takes into account international crude oil prices, the rand exchange rate and other costs. The latest increase reflects the sharp rise in global energy prices linked to the conflict with Iran. The higher fuel costs could put further pressure on inflation, which stood at 4.4 percent year-on-year in August, above the South African Reserve Bank’s 3 percent target. Higher transport and energy costs could also feed into the prices of other goods and services. Read also: Telecom funding boosts South Africa’s FDI inflows to near three-year high The central bank has already raised its policy rate twice since the Iran war began, as it seeks to contain the inflationary effects of the energy shock. It has one remaining rate decision scheduled for mid-November. Read also: The Person on the Other End of the Line The latest fuel increase therefore adds pressure to an already difficult policy environment, as the central bank weighs the need to keep inflation under control against the impact of higher borrowing costs on households and businesses. Related News NAF confirms 25 killed in aircraft crash in Ondo state Tinubu declares three-day mourning to honour jet crash victims ICPC, AGF ask court to dismiss El-Rufai’s N1bn suit over family access Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Read also: WORLD IN BRIEF: Flydubai co-pilot planned Tel Aviv crash, Zambia targets 7% spending rise, South Africa private sector contracts and other stories South Africa imports most of its fuel and adjusts domestic pump prices each month using a formula that takes into account international crude oil prices, the rand exchange rate and other costs. The latest increase reflects the sharp rise in global energy prices linked to the conflict with Iran. The higher fuel costs could put further pressure on inflation, which stood at 4.4 percent year-on-year in August, above the South African Reserve Bank’s 3 percent target. Higher transport and energy costs could also feed into the prices of other goods and services. Read also: Telecom funding boosts South Africa’s FDI inflows to near three-year high The central bank has already raised its policy rate twice since the Iran war began, as it seeks to contain the inflationary effects of the energy shock. It has one remaining rate decision scheduled for mid-November. Read also: The Person on the Other End of the Line The latest fuel increase therefore adds pressure to an already difficult policy environment, as the central bank weighs the need to keep inflation under control against the impact of higher borrowing costs on households and businesses. Related News NAF confirms 25 killed in aircraft crash in Ondo state Tinubu declares three-day mourning to honour jet crash victims ICPC, AGF ask court to dismiss El-Rufai’s N1bn suit over family access Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

South Africa imports most of its fuel and adjusts domestic pump prices each month using a formula that takes into account international crude oil prices, the rand exchange rate and other costs. The latest increase reflects the sharp rise in global energy prices linked to the conflict with Iran. The higher fuel costs could put further pressure on inflation, which stood at 4.4 percent year-on-year in August, above the South African Reserve Bank’s 3 percent target. Higher transport and energy costs could also feed into the prices of other goods and services. Read also: Telecom funding boosts South Africa’s FDI inflows to near three-year high The central bank has already raised its policy rate twice since the Iran war began, as it seeks to contain the inflationary effects of the energy shock. It has one remaining rate decision scheduled for mid-November. Read also: The Person on the Other End of the Line The latest fuel increase therefore adds pressure to an already difficult policy environment, as the central bank weighs the need to keep inflation under control against the impact of higher borrowing costs on households and businesses. Related News NAF confirms 25 killed in aircraft crash in Ondo state Tinubu declares three-day mourning to honour jet crash victims ICPC, AGF ask court to dismiss El-Rufai’s N1bn suit over family access Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

The higher fuel costs could put further pressure on inflation, which stood at 4.4 percent year-on-year in August, above the South African Reserve Bank’s 3 percent target. Higher transport and energy costs could also feed into the prices of other goods and services. Read also: Telecom funding boosts South Africa’s FDI inflows to near three-year high The central bank has already raised its policy rate twice since the Iran war began, as it seeks to contain the inflationary effects of the energy shock. It has one remaining rate decision scheduled for mid-November. Read also: The Person on the Other End of the Line The latest fuel increase therefore adds pressure to an already difficult policy environment, as the central bank weighs the need to keep inflation under control against the impact of higher borrowing costs on households and businesses. Related News NAF confirms 25 killed in aircraft crash in Ondo state Tinubu declares three-day mourning to honour jet crash victims ICPC, AGF ask court to dismiss El-Rufai’s N1bn suit over family access Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Read also: Telecom funding boosts South Africa’s FDI inflows to near three-year high The central bank has already raised its policy rate twice since the Iran war began, as it seeks to contain the inflationary effects of the energy shock. It has one remaining rate decision scheduled for mid-November. Read also: The Person on the Other End of the Line The latest fuel increase therefore adds pressure to an already difficult policy environment, as the central bank weighs the need to keep inflation under control against the impact of higher borrowing costs on households and businesses. Related News NAF confirms 25 killed in aircraft crash in Ondo state Tinubu declares three-day mourning to honour jet crash victims ICPC, AGF ask court to dismiss El-Rufai’s N1bn suit over family access Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

The central bank has already raised its policy rate twice since the Iran war began, as it seeks to contain the inflationary effects of the energy shock. It has one remaining rate decision scheduled for mid-November. Read also: The Person on the Other End of the Line The latest fuel increase therefore adds pressure to an already difficult policy environment, as the central bank weighs the need to keep inflation under control against the impact of higher borrowing costs on households and businesses. Related News NAF confirms 25 killed in aircraft crash in Ondo state Tinubu declares three-day mourning to honour jet crash victims ICPC, AGF ask court to dismiss El-Rufai’s N1bn suit over family access Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Read also: The Person on the Other End of the Line The latest fuel increase therefore adds pressure to an already difficult policy environment, as the central bank weighs the need to keep inflation under control against the impact of higher borrowing costs on households and businesses. Related News NAF confirms 25 killed in aircraft crash in Ondo state Tinubu declares three-day mourning to honour jet crash victims ICPC, AGF ask court to dismiss El-Rufai’s N1bn suit over family access Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

The latest fuel increase therefore adds pressure to an already difficult policy environment, as the central bank weighs the need to keep inflation under control against the impact of higher borrowing costs on households and businesses. Related News NAF confirms 25 killed in aircraft crash in Ondo state Tinubu declares three-day mourning to honour jet crash victims ICPC, AGF ask court to dismiss El-Rufai’s N1bn suit over family access Faith Omoboye Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance. Share

Faith Omoboye is a foreign affairs correspondent with background in History and International relations. Her work focuses on African politics, diplomacy, and global governance.