Cape Town – Global energy markets are under pressure as escalating conflict in the Middle East drives oil prices above $115 per barrel, raising fears of supply disruptions and inflation.
Attacks on key energy infrastructure in Iran, Qatar, Saudi Arabia and Kuwait have heightened concerns, particularly around the Strait of Hormuz.
In South Africa, the impact is already being felt, with the Central Energy Fund indicating sharp fuel price increases for April.
Petrol could rise by up to R5.41 per litre and diesel by around R9.07 per litre, worsened by a weakening rand.
Higher fuel costs are expected to push up transport and production expenses, increasing overall inflation and placing further strain on households.
If global tensions persist, motorists are likely to face significantly higher fuel prices in the coming months.
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Compiled by Betha Madhomu
