“R33 a Litre”: Cape Town Advisor Warns SA Is Headed for Financial Trouble As Diesel Soars

• Cape Town financial advisor Munya Shumba broke down why diesel prices are climbing toward R33 a litre while interest rates have only risen once this year
• Shumba compared the current fuel crisis to 2022, when South Africans with a bond and car finance saw monthly bills jump by R5,000
• South Africans flooded the comments with frustration, with some saying fuel at their local stations had already passed R34 a litre

A Cape Town financial advisor is helping South Africans make sense of the country's worsening cost-of-living squeeze. Munya Shumba, who has 74,000 followers on Facebook and describes himself as a financial advisor sharing money tips, posted a video on 28 September 2026 breaking down the relationship between the diesel price spike and the South African Reserve Bank's latest interest rate decision.

Shumba pointed out that diesel, which opened the year at R17 a litre, was set to hit R33 a litre the following week. That is nearly double in under a year. Despite that, the Reserve Bank had only raised interest rates once in 2026, leaving many people wondering why the response had been so different compared to 2022.

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How 2026 differs from 2022

To explain the gap, Shumba drew a direct comparison. In 2022, interest rates had already been hiked five times by September, even though diesel had only climbed from R17 to R26 a litre. Someone with a R2.5 million bond and an R800,000 vehicle on finance saw their monthly bills increase by R5,000 that year. In 2026, the same person is looking at an increase of around R500 a month despite a far steeper fuel price jump.

The reason, Shumba explained, comes down to food inflation. In 2022, food prices rose by nearly 10%, with cooking oil alone surging 36%. This year, food inflation sits at just 1%, partly because South African farmers posted record harvests in 2025, and the rand has held relatively firm against the dollar despite global uncertainty. Those two factors gave the Reserve Bank enough breathing room to hold back on aggressive rate hikes.

The SARB did, however, move on 23 September 2026, raising the repo rate by 25 basis points to 7.25% and pushing the prime lending rate to 10.75%. Economists warn that the October fuel hike, which is expected to push 95 unleaded petrol past R30 a litre inland, could drive headline inflation back toward 5%, making another rate increase possible at the Bank's November meeting.

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Watch Munya Shumba's full breakdown of the fuel and interest rate crisis below:

Mzansi reacts to the fuel price pain

South Africans in the comments on the Facebook page had plenty to say:

@Amir Ahamed wrote:

"And the diesel is being mixed with paraffin, lol!"

@Elrico De Koker said:

"It's already R33 in the Free State, Bloemfontein."

@Bryan Fury noted:

"Ja but everything goes up when the fuel goes up but nothing comes down when the fuel comes down."

@Riki Human added:

"Most stations in Cape Town are already R32…"

@Stirven Maasdorp said:

"Sir, we are already on R34."

@Wayne Paul wrote:

"Remember our Government's Promise. 'A Better Life for All' 😂"

@Floris Basson commented:

"Big boost for electric vehicles. The future of the electric vehicle is here. Now our country needs to get with the program."

DISCLAIMER: This article is for information only and is not financial advice. Briefly News does not offer financial advice. Please speak to a qualified financial professional before making any money decisions.

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More on fuel prices and the economy

• Briefly News recently reported on the fuel price that could break a major record for the first time ever and how frustrated motorists reacted.
• A farm mom went from empty fridges and no petrol money to a business that made R1 million in profit, and other moms say they are inspired.
• A new bank partnership could put up to R1,000 back in some shoppers' pockets every month when they do their everyday shopping.

Source: Briefly News