Petrol Nightmare: Why You're Paying Five Times More Than In 2004

Two decades ago, motorists could fill up their tanks without breaking the bank - but fast-forward to 2025, and petrol now costs over five times what it did in 2004.

Back then, a litre of 95-octane petrol would set you back just R4, with diesel coming in even cheaper at R3.29. Today, South African residents are forking out a staggering R21.62 per litre for the same grade of petrol, with prices climbing almost annually.

Even with a slight reprieve this month - petrol dropping by as much as 88 cents per litre and diesel by up to 96 cents - South Africans are still feeling the pinch.

So, what's behind this relentless rise?

Experts point to two key culprits: the weakening rand and volatile global oil prices. The local currency has been steadily losing ground against the US dollar, sliding by an average of 5 per year. This steady depreciation means importing oil - priced in dollars - becomes increasingly expensive for South Africa, as reported by the Daily Investor.