This will most definitely only increase fuel price
You know those far away fuel stations you sometimes need to go to on your way to Stillbaai or some other obscure place.
Better take your vaseline with you on those trips.
Also I absolutely see local petrol stations increasing price at all kinds of opportune times.
Regulated fuel price was one of the few things our country got right.
Looking for decently priced fuel in the US and UK was a nightmare while I travelled there.
It is a terrible policy. The cost of regulated prices is that you do not see petrol stations in places where you need them. The far off places don't charge more for the hell of it, they charge more because of transport costs.
Everyone manages this with groceries. You shop at big centralised grocery stores, you pay less. You shop at the garage store around the corner, you pay more.
In the long term, regulation never works. If a small town's only petrol station is charging exorbitant rates, then there is an incentive for someone else to open up shop.