Middle East Ceasefire May Ease Fuel Prices in SA, UK

Motorists in South Africa and the United Kingdom are facing continued pressure from elevated fuel prices triggered by the ongoing conflict in the Middle East, though recent data indicates the sharp rises may soon ease if a fragile ceasefire holds.

The war, which began on February 28 with attacks by the United States and Israel on Iran, disrupted global oil supplies, particularly through the Strait of Hormuz, a vital shipping route. This led to oil prices surging above 100 dollars per barrel, driving unprecedented increases at fuel pumps worldwide. In April, South African drivers saw petrol prices rise by 3.06 rand per litre, while diesel increased by 7.37 to 7.51 rand per litre, despite a temporary 3-rand reduction in the general fuel levy. Current retail prices stand at 22.53 rand per litre for 95 unleaded petrol on the coast and 23.36 rand inland, with 50 parts per million diesel at 25.35 rand on the coast and 26.11 rand in Gauteng.

In the UK, prices climbed for a record 43 consecutive days, adding 25.5 pence per litre to petrol, now averaging 158.3 pence, and 49 pence to diesel, at 191.5 pence per litre. The RAC Foundation estimates this has inflated the nation's fuel bills...