Ramaphosa sends a message to South Africans about record-high petrol price hikes
President Cyril Ramaphosa has told South Africans that the government is looking into ways to soften the blow of record-high fuel price hikes expected this week.
This was Ramaphosa’s message during his address at the ANC Limpopo elective conference on Sunday, 29 March 2026.
Current estimates from the Central Energy Fund (CEF) noted that petrol is expected to jump by about R6 a litre and diesel by roughly R10 from Wednesday, 1 April.
The President added that Finance Minister Enoch Godongwana is also deeply concerned by the looming increase.
“Finance Minister Enoch Godongwana told me that he is having sleepless nights over what is happening. I told him I am not sleeping at all,” Ramaphosa said.
The sharp rise in fuel prices is being driven by the conflict in the Middle East, triggering a surge in oil prices and putting fresh pressure on the rand.
Brent crude has climbed from about $69 to over $115 a barrel, while the rand has weakened sharply against the US dollar, slipping from around R15.85 to above R17.00.
Although these are factors beyond South Africa’s control, Ramaphosa warned that the consequences at home could be severe.
He said he has instructed Godongwana and other ministers to urgently develop interventions to reduce the impact on consumers and the broader economy.
“I have instructed Minister Godongwana and his colleagues to address this matter and develop solutions,” Ramaphosa said.
He also confirmed that a ministerial task team has now been established to examine how the country can be shielded from the economic fallout of the war.
According to the Sunday Times, the team is expected to include Godongwana, Mineral and Petroleum Resources Minister Gwede Mantashe, Electricity and Energy Minister Kgosientsho Ramokgopa, and Trade, Industry and Competition Minister Parks Tau.
It has been reported that the task team’s work will go beyond fuel price alone. “It is quite urgent, yes, with a quick turnaround, but the scope of what they will be looking into is broader,” one insider said.
“They are not just looking at fuel prices; they are tasked with looking at the whole geopolitical situation and its implications for the country.”
Ramaphosa said his biggest concern is the impact this will have on ordinary South Africans. He warned that higher fuel prices would feed directly into the cost of living and place more strain on the state.
“It’s going to create more hardships, and it’s also going to create reduced fiscal space for our governments,” he said. Economists have echoed those concerns.
FNB has warned that the conflict in the Middle East could keep inflation elevated, delay interest rate cuts, and weigh on growth just as South Africa appeared to be gaining momentum.
According to the bank, weaker demand is likely to follow as consumers face tighter disposable incomes and confidence takes another knock.
The South African Reserve Bank has also warned that inflation risks remain tilted to the upside.
The Reserve Bank noted that higher fuel costs are beginning to filter through to public transport and other everyday expenses.
“Interestingly, the growth outlook remains unchanged as the lower 2025 base creates room for stronger growth this year and mitigates the impact of the shock,” FNB added.
However, it said that the downside risks are mounting, with a longer conflict likely to mean “interest rate hikes and lower growth”.
“We [South Africa] are yet to fully comprehend the impact over the longer term should investment decisions become less optimal.”
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