Fuel prices are set to change on February 3, 2026, with variations observed across different regions and fuel types. Here's a breakdown of the announced adjustments:

South Africa:

In South Africa, motorists can expect some relief at the pumps as the Department of Mineral and Petroleum Resources (DMPR) has announced a decrease in fuel prices, effective from midnight on Tuesday, February 3.

• Petrol: Both Petrol 93 and Petrol 95 will decrease by 65 cents per liter.
• Diesel: Diesel 0.05% sulphur will decrease by 50 cents per liter, while Diesel 0.005% sulphur will decrease by 57 cents per liter.
• Illuminating Paraffin: There will be a decrease of 70 cents for the Single Maximum National Retail Price and a decrease of 53 cents for wholesale.
• LP Gas: The Maximum Retail Price of LP Gas will increase by 31 cents, with a 36 cents increase in the Western Cape.

The price adjustments follow a volatile January in global oil markets. International oil prices traded higher during the month due to geopolitical tensions, particularly concerns over potential escalation between the United States and Iran in the Middle East. As a result, oil prices rose from below $60 per barrel to above $70 per barrel. However, a strong rally in the Rand against major currencies partially offset the increase in oil prices, cushioning fuel price pressures and enabling the reductions announced for February.

The Department of Mineral and Petroleum Resources (DMPR) stated that the average international product prices decreased due to the availability of inventories, despite the increase in crude oil prices. This led to lower contributions to the basic fuel prices of petrol, diesel, and illuminating paraffin. The Rand's appreciation against the US Dollar also contributed to lower basic fuel prices.

Below is a summary of the new fuel prices in South Africa:

Inland

| | Petrol 93 | Petrol 95 | Diesel 0.05% | Diesel 0.005% | | :------- | :-------- | :-------- | :----------- | :------------ | | January | R20.64 | R20.75 | R18.41 | R18.52 | | February | R19.99 | R20.10 | R17.91 | R17.95 |

Coastal

| | Petrol 93 | Petrol 95 | Diesel 0.05% | Diesel 0.005% | | :------- | :-------- | :-------- | :----------- | :------------ | | January | R19.85 | R19.92 | R17.58 | R17.76 | | February | R19.20 | R19.27 | R17.08 | R17.19 |

Philippines:

In the Philippines, oil companies have announced an increase in pump prices, marking the fourth straight week of upward adjustments for gasoline and the sixth for diesel and kerosene. These adjustments will take effect at 6 a.m. on Tuesday, February 3, except for Cleanfuel, which will adjust prices at 4:01 p.m. the same day.

• Gasoline: Prices will increase by P0.80 per liter.
• Diesel: Prices will increase by P1.60 per liter.
• Kerosene: Prices will increase by P1.10 per liter.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) had earlier projected these price hikes, citing factors such as the slow recovery of Kazakhstan's Tengiz field, the rising Iran risk premium, and the OPEC+ policy to pause its output hikes. Media reports also attributed the surge in global oil prices to escalating geopolitical tensions following threats of military action against Iran, as well as a winter storm in the United States and a power disruption in Kazakhstan.

It is important to note that specific prices at the pump can vary depending on the fuel station and location. This article provides a general overview of the announced price changes based on the latest available information