An image of the stolen diesel tanker was shared in a widely circulated social media post.
Image: Facebook
A diesel tanker belonging to Nkomazi Logistics, was allegedly stolen in Pinetown on Sunday.
An image of the stolen diesel tanker was shared in a widely circulated social media post.
The tanker was apparently found today on Vitner Road in Prospecton, south of Durban. No further details were available at the time of publishing.
Nkomazi Logistics confirmed to the POST on Monday that the tanker had been stolen.
They image, which quickly gained traction online, prompted questions about fuel security and criminal activity linked to the ongoing fuel crisis.
The incident comes as South Africans brace themselves for a steep fuel price increase, driven by the ongoing conflict in the Middle East and a weakening rand.
Commenting on the social media post about the theft, Louw Bertus said: “This kind of crime will increase in the future with rising fuel prices. Nobody will turn down an opportunity to buy this fuel at a greatly reduced price from the thieves in order to save money.”
Alex Micovic said: “Diesel trucks need escorts now, very risky.”
Although petrol and diesel prices are currently at four-year lows, the conflict in the Middle East means South Africans are likely to see record increases from next Wednesday, April 1.
However, some fuel stations appear to be selling diesel at significantly higher-than-average prices.
A viral video appears to show diesel being sold for R29.85 at a station in Umhlatuzana, Durban.
While this would not be possible with petrol, given that this fuel’s retail price is regulated, diesel prices are not directly fixed by government in the same way as petrol, allowing more pricing flexibility for retailers, IOL reported.
The wholesale price of 50ppm diesel is currently listed at R17.84 at the coast, and R18.60 in the inland regions, and retail and wholesale markups are usually in the region of R2 to R3 combined, meaning diesel would typically be expected to retail for around R21.60.
However, it’s usually not simply a “free for all” for fuel stations as factors such as market dynamics, competition and brand pricing policies usually “indirectly” regulate diesel prices.
Notwithstanding that it could have been a pricing error, market dynamics could also have played a role here. While there is currently no confirmed nationwide diesel shortage in South Africa, there have been reports of some stations running out of diesel temporarily.
While the fuel station in the video may be seen as jumping the gun, South Africans are facing massive fuel price hikes from the beginning of April.
The latest data from the Central Energy Fund (CEF) is pointing to petrol price increases of up to R5.41 next month, with diesel increasing by up to R9.06, and that number could still grow if oil prices remain at current levels, IOL reported.
Global oil prices continued to trade at elevated levels on Monday, with Brent Crude hovering around the $109 mark, amid escalating tensions between the US and Iran over the Strait of Hormuz.