diff --git a/Dockerfile b/Dockerfile
index 3f9802f1b..70a57dacf 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -3,7 +3,7 @@ ARG GO_VERSION=1.17
 ARG XX_VERSION=1.1.0
 
 ARG LIBGIT2_IMG=ghcr.io/fluxcd/golang-with-libgit2
-ARG LIBGIT2_TAG=libgit2-1.3.0-2
+ARG LIBGIT2_TAG=libgit2-1.3.1
 
 FROM ${LIBGIT2_IMG}:${LIBGIT2_TAG} AS libgit2-libs
 
diff --git a/Makefile b/Makefile
index 70468ad5e..fa6d8d271 100644
--- a/Makefile
+++ b/Makefile
@@ -4,7 +4,7 @@ TAG ?= latest
 
 # Base image used to build the Go binary
 LIBGIT2_IMG ?= ghcr.io/fluxcd/golang-with-libgit2
-LIBGIT2_TAG ?= libgit2-1.3.0-2
+LIBGIT2_TAG ?= libgit2-1.3.1
 
 # Allows for defining additional Docker buildx arguments,
 # e.g. '--push'.
diff --git a/tests/fuzz/oss_fuzz_build.sh b/tests/fuzz/oss_fuzz_build.sh
index 5bc7bbf0a..b8120e512 100755
--- a/tests/fuzz/oss_fuzz_build.sh
+++ b/tests/fuzz/oss_fuzz_build.sh
@@ -16,7 +16,7 @@
 
 set -euxo pipefail
 
-LIBGIT2_TAG="${LIBGIT2_TAG:-libgit2-1.3.0-2}"
+LIBGIT2_TAG="${LIBGIT2_TAG:-libgit2-1.3.1}"
 GOPATH="${GOPATH:-/root/go}"
 GO_SRC="${GOPATH}/src"
 PROJECT_PATH="github.com/fluxcd/source-controller"