SARB kept policy rate at 6.75% in March and will monitor data before any change due to Iran war uncertainty.
Brent crude has risen nearly 60% since Feb 28, pushing local diesel prices to record levels and driving fuel inflation to historic highs.
Inflation rose to 3.1% in March and is expected to climb further as higher energy and food prices pressure the 3% target.
Governor Lesetja Kganyago said disinflation will take longer, but the bank remains committed to bringing inflation back to 3%.