The rand and oil prices are trading much higher than in December, leading to the under-recovery. South African motorists have already had a tough start to the year, with a 19 cents per litre hike in petrol prices at the beginning of January. This, combined with the incoming hike for February, is likely to put upward pressure on inflation.

South Africa's energy regulator on Thursday granted state power utility Eskom an average tariff increase of 12.7% for 2025/26, less than the debt-laden company had requested. Eskom had sought tariff increases of roughly 36% from April,