Government intervention to help lower South Africa’s petrol prices in April and May will be welcomed by motorists, but there is no guarantee that international factors will have improved in June.
Government intervention to help lower South Africa’s petrol prices in April and May will be welcomed by motorists, but there is no guarantee that international factors will have improved by June.
“A lot depends on what might happen over the next two months and we are talking here about international oil prices,” Nedbank economist Isaac Matshego told theHowever, there is a concern that international oil prices could further continue to increase if tensions between Russia and Ukraine are prolonged.
“The recent strong run of the rand against the US dollar contributed to shaving some of this increase off the final adjustment for April, without which the increases would have been more significant,” he said. “Whatever plans the government is considering, though, these should be fast-tracked as the trend of increasing fuel prices is likely to continue in the short- to mid-term, especially as the situation in Ukraine remains unresolved, which is adding pressure to the international petroleum product price, and, in turn, to local prices,” said Beard.This was echoed by Neil Roets, chief executive of Debt Rescue who said that the country now needs a permanent solution.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Grant hikes for South Africa this week – and government plans to extend coverageSocial Development minister Lindiwe Zulu has gazetted new grant increases for South Africa.
Read more »
Business group begs government to do something about South Africa’s crumbling roadsThe deterioration of the country’s road network and continued poor maintenance is having a direct impact on the agricultural sector – and by extension the price of produce in South Africa, says industry body AgriSA.
Read more »
Stop the moaning about price hikes, it's not a uniquely South African problemStop the moaning about price hikes, it’s not a uniquely South African problem
Read more »
Anger over proposed 7.5% electricity price hike in South AfricaEnergy regulator Nersa has tabled its proposed electricity price hike for South Africa.
Read more »
Warning over petrol price deregulation in South AfricaThe Fuel Retailers Association has cautioned against a proposal to ‘deregulate’ the country’s fuel price.
Read more »