South Africa's Petrol Price Reaches $1.82 Amid Oil Crisis

South Africa's petrol price has hit a record $1.82 per litre, effective from October 7, as announced by the Department of Mineral and Petroleum Resources. The price of 95-octane petrol in Gauteng will rise by R3.33 ($0.20) to R30.25 ($1.82) per litre, with diesel prices also expected to increase.

This adjustment reflects the impact of higher international crude prices, which rose to around $100 per barrel last month due to escalating tensions between the US and Iran. The situation underscores the vulnerabilities of oil-dependent economies like Nigeria, where rising crude prices are exerting pressure on petrol prices and operational costs.

Nairametrics reported that Nigerian petrol prices increased from approximately N1,077–N1,205 per litre in early July to N1,395–N1,500 in September, attributed to the Middle East conflict and higher crude prices. Brent crude had surpassed $106 per barrel by September 24, further raising concerns about fuel and transportation costs in Nigeria.