Fuel price shock: Petrol price to top R30 per litre on Wednesday

Brent crude prices had jumped from $87.89 to more than $101 a barrel, with the ongoing US and Iran conflict contributing greatly. Shipping through the Strait of Hormuz remains a live concern which means there is little hope of prices making a significant recovery anytime soon.

According to the department, global shipping costs have also climbed, and inventories are tightening.

ALSO READ: Middle East war shock extends from oil fields to your wallet

Taxi fares, delivery fees and grocery costs are likely to follow the fuel prices upward, as nearly all food is transported by truck.

Following previous price hikes, taxi operators across the country implemented fare increases starting at R2, and according to June inflation data, minibus taxi fares have risen 11.5% month-on-month, e-hailing 8.7% and long-distance buses 8.4%.

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