Mid-month data from the Central Energy Fund shows that South African motorists face further pain at the pumps in April, due to an expected massive hike in both petrol and diesel prices.
and shows significant increases for both petrol and diesel vehicle owners, amid rising international petroleum prices as a result of Russia’s invasion of Ukraine.
The Central Energy Fund and the government are meeting on Tuesday to discuss possible interventions to assist with managing fuel prices. Economists and analysts have suggested temporarily cutting fuel levies to provide some relief. Although the South African currency is considered a relatively risky asset, it gained favour amid rising gold, palladium and coal prices.
According to Citadel Global, markets anticipate that the US Fed will hike interest rates during the Wednesday meeting, meanwhile, US and Chinese officials will continue discussions on the war in Ukraine.The biggest shock for global markets coming out of the war is the oil price. At the time of the initial attack on Ukraine, oil was already trading towards the $100 per barrel mark. However, the news of Russia’s invasion rapidly pushed prices well over the $100 threshold.
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