Mid-month data from the Central Energy Fund points to further fuel price pain for diesel and petrol vehicle owners in July.
the daily snapshots are not predictive
The steep price increases forecast for July comes despite the government extending its fuel price interventions for a further two months. Fuel prices in July will see R1.50 kept off the general fuel levy. In August, this will be reduced to 75 cents per litre as the other 75 cents is added back. Fuel prices are affected by two main components – the rand/dollar exchange rate and changes to international petroleum product costs, primarily driven by oil prices.The rand strengthened on Tuesday , as the dollar consolidated gains near a two-decade peak amid fears that aggressive interest rate hikes by the Federal Reserve would push the US economy into recession.
This has put other currencies, especially emerging market currencies like the rand, on the back foot, leading to the local unit giving up gains made over the last week. Pressure is also coming from the local central bank, which is expected to chase a hike cycle more aggressively in the coming months.
Oil prices have been under significant pressure since Russia’s invasion of Ukraine in February 2022, which brought about a slew of sanctions against the Kremlin – including bans on Russian oil and gas within the European Union.
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