Despite market turmoil this week sending the rand in the wrong direction, South Africa is starting the month off on the front foot for petrol prices in September.
Despite global market turmoil this week weakening the rand, the concomitant drop in the global oil price is creating a sizeable over-recovery in fuel prices locally – setting South Africa up for petrol and diesel price cuts next month.
South Africans saw a small petrol and diesel price cut this week, with prices coming down by 15 cents and 17-28 cents per litre, respectively. According to Bloomberg analysis, markets on edge over a possible retaliatory strike by Iran on Israel as payback for assassinations of Hamas and Hezbollah leaders.Even though oil remains below $80 a barrel, the price is currently rebounding after falling to a seven-month low on Monday amid a rout in global equity markets.
However, oil prices are facing pressure on both sides – there are supply risks, pushing prices up and there are demand risks, keeping prices down. The path ahead for the rand will be determined by global and local market moves around interest rate cuts.
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