A stronger rand exchange rate and the government’s decision to intervene on higher costs means South Africa’s ‘record’ petrol price hike this week will be comparatively muted, say economists at the Bureau for Economic Research (BER).
The government’s intervention to reduce the general fuel levy by R1.50/litre for April and May means that the petrol price is expected to increase by ‘only’ about 30 cents per litre on Wednesday , although diesel should still go up by about R1.50/litre, the group said in a research note on Monday .
“Government is aiming to benefit from current high prices with the sale and hopes that oil prices would have come down by June when the levy reduction ends.” The releases are set to last for six months with the 180 million barrel total release the biggest ever from the US Strategic Petroleum Reserve. In line with its long-stated production schedule, OPEC+ is also set to push up output, by 432,000 barrels per day from May.
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