The Department of Mineral and Petroleum Resources and the Fuels Industry Association have issued a joint statement urging South Africans not to engage in any “panic-buying” of fuel, insisting that supplies to the country remain stable for the immediate future.

The joint statement comes amid concerns of possible supply disruptions as well as the prospect of extreme price hikes in diesel and petrol in April, precipitated by blockages to shipping in the Strait of Hormuz following the launch of military attacks on Iran by the US and Israel.

Fuel prices are adjusted monthly to movements in oil prices and the exchange rate, and assessments based on the fuel-setting formula point to a current under-recovery on diesel of more than R8/l and more than R5/l on certain grades of petrol.  

The joint statement was released in reaction to messages being circulated warning of imminent fuel shortages.

“While there may be isolated localised logistical challenges affecting the movement or availability of fuel in certain areas, these are operational in nature and do not constitute a national supply shortage.

“These issues are being actively managed through established industry and regulatory channels,” the statement reads, adding that it was incorrect and misleading to link isolated domestic logistical problems to broader geopolitical developments.

Such claims, the statement added, risked creating unnecessary alarm, which could place undue pressure on supply systems and congestion at service stations.

“The department and the Fuels Industry Association will continue to monitor the situation closely and will communicate any confirmed developments through official channels.”

Earlier, the department stated that a comprehensive plan was in place to manage potential supply risks arising from the fact that the country was a net importer of petroleum products, and was increasingly reliant on final product in light of the closure of domestic refining capacity.

“Fuel consignments scheduled for March and early April 2026 were secured prior to the recent escalation in global tensions. These deliveries have commenced and are expected to adequately sustain national supply over the coming weeks,” it said, without providing specifics.

For the more medium term, the department was assessing various interventions to strengthen security of supply, including the diversification of fuel import sources, an enhancement of strategic storage capacity, and accelerating infrastructure investments.

Meanwhile, the International Energy Association announced on March 20 that initial volumes of oil from the emergency reserves had started to be released in line with the March 11 agreement for IEA member countries to make 400-million barrels of oil available to the market.

The overall release of emergency stocks, it said, would largely consist of crude oil, while in Europe the contributions would primarily take the form of refined oil products.

Separately, Britain, France, Germany, Italy, the Netherlands, Japan and Canada released a joint statement on March 19 in which they indicated that they were ready to join “appropriate efforts” to ensure ​safe passage through the Strait of Hormuz and would take steps to ‌stabilise energy markets.