South Africa receives about 25% of its oil from Iran and authorities are assessing the implications of the latest sanctions imposed by the European Union and the United States, Fin24 reports.

According to the Fin24 report which quotes Nelisiwe Magubane, director general of the Department of Energy, South Africa has not received a formal request from the United States or the European Union to reduce or halt Iranian crude imports. However, she warned that the Department is working on a "worst-case scenario", assuming that oil imports from that country would drop.

Magubane says that alternative sources of supply - and the cost implications for the refineries and South African motorists - are being investigated, according to the Fin24 report.