Motorists should brace for another petrol shock
Business Live - Apr 16th, 08:20
Unexpectedly strong international fuel prices have raised the likelihood of an unwelcome fuel price hike for petrol users in May.
This is according to the Automobile Association (AA), which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund.
The figures suggests that petrol may increase by 56c a litre in May, while diesel is showing a reduction of 5c and illuminating paraffin is down by a cent. If the increases take place it will be the third successive increase in fuel prices in 2019.
“The international product price of diesel climbed somewhat in the first half of April, while petrol has made a substantial jump,” the AA says.
“Diesel’s smaller increase is likely due to variations in international refining capacity, as well as the approaching end of the northern hemisphere winter when demand for diesel for use in peaking power plants and as a heating fuel diminishes.”
The association says that the rand has appreciated quite strongly against the US dollar since the end of March, with the daily exchange rate used for fuel price calculations improving from over R14.60/$ on March 31 to under R14/$ currently.
“The ground gained by the local currency has cushioned some of the blow, with diesel currently showing a slight decrease. But petrol users are in for a shock,” says the association.
“Price stability in illuminating paraffin is welcome as SA heads into winter, during which many households will be using paraffin for heating. But the rise in petrol price is a cause for concern when our economy is already in difficult waters,” the AA says.
Retail sales remain muted with consumers under pressure
20/09/2019 - 14:31
Retail sales for July marginally declined to 2 percent year on year as sales growth continued to reflect a muted demand in South Africa, with consumers’ discretionary income under strain.
4 reasons to be hopeful about South Africa’s economy
12/09/2019 - 14:40
Markets responded positively to South Africa’s economic growth rebounding in the second quarter, up 3.1%, and 0.9% for the year to June 2019.
Smarter mobility key to a sustainable South Africa
11/09/2019 - 13:19
The World Economic Forum has revealed that by 2050, 70% of the world’s population will be living and operating in urban areas. Considering the resultant congestion and air pollution, which are already challenges requiring mitigation in 2019, mobility and energy should be top of mind for those making the shift towards cities of the future.
Manufacturing production shrinks for second month in July
11/09/2019 - 13:01
Manufacturing production recorded its second consecutive contraction in July, in line with analysts’ expectations.
Eskom: The largest threat to the stability of the SA economy
10/09/2019 - 09:45
On Tuesday 23 July, South African Finance Minister Tito Mboweni tabled a bill before the National Assembly which would see national state-owned power utility Eskom benefit from an allocation of R59 billion over the next three years.