The rand has strengthened against the dollar following the US Fed’s decision to hike rates.
Market conditions are turning for local petrol prices, with a stronger rand and lower oil prices flattening what could have been a significant hike at the pumps in April.
The rand is currently trading at around R18.08 against the dollar, which, if sustained, will likely push local petrol prices into the green. “Fed Chair Jerome Powell advised that more tightening may be in store after Wednesday’s 25 basis-point rise, and added that rates won’t be cut this year. The comments came less than two weeks after the most severe banking crisis since 2008,” Bloomberg analysts said.
“The slump has been driven by concerns about a potential US recession, robust Russian flows despite Western sanctions, and the banking turmoil,” it said.
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