International indicators of oil supply and the volatility of the local rand paint a bleak picture for South Africa’s petrol and diesel prices for the rest of 2023.
Early indications are the South African motorists will have to contend with another massive petrol and diesel price hike in October – but the outlook for November and December is also bleak, mainly due to international oil supplies and a struggling rand.
As of September, inland 95 octane petrol costs R24.54/l, while at the coast, it costs R23.82/l, factoring in the slate levy and other expenses. Diesel was hiked by between R2.76 and R2.84 a litre. expect the international Brent price to average $88 per barrel in the third quarter of this year, $93 per barrel in the fourth quarter, and $92 per barrel in the first quarter of 2024
“While the US dollar has been generally softer since the start of this year, with investors anticipating the end of the US rate hiking cycle as inflation eases, some uncertainties surrounding the peak in US policy rates and growing hopes of a soft-landing in the US economy appear to be supporting the greenback in recent weeks,” it said.
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