Here’s why you should NOT fill up your vehicle on Tuesday

South Africa’s motorists will see some relief at the pumps after the Department of Petroleum and Mineral Resources announced fuel price decreases that will take effect from midnight on Tuesday, 3 February.

According to the department, petrol prices will drop by 65 cents per litre, while diesel prices will decrease by between 50 and 57 cents per litre, depending on the grade.

That’s a substantial decrease – and well worth delaying filling up your vehicle until Wednesday if possible.

93 octane petrol has broken through the R20 barrier inland – albeit by a single cent.

Oil price traded higher

The adjustments follow a volatile January in global oil markets.

International oil prices traded higher during the month amid geopolitical tensions, particularly concerns over possible escalation between the United States and Iran in the Middle East.

This saw oil prices rise from below $60 a barrel to above $70 a barrel.

However, the impact of higher oil prices was partly offset by a strong rally in the rand against major currencies.

The stronger local currency helped cushion fuel price pressures, resulting in positive fuel price recoveries and enabling the reductions announced for February.

FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $66.03 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R15.98/$.

The new February 2026 petrol and diesel prices (Inland and Coastal):