While global markets appear to be calming from the wild ride over the last few weeks – it’s unlikely to make too much of a difference for petrol prices in May.
Motorists in South Africa should brace for another petrol price hike at the pumps next week, despite positive moves for global oil prices.
Oil prices have calmed significantly at the start of this week, as some of the premium from tensions in the Middle East continued to fade from the market. While the tensions appear to be dissipating somewhat, the group noted that oil is still around 12% higher this year due to the geopolitical tensions and OPEC+’s supply cuts that have tightened the market.
The weaker rand, which is again above R19 to the dollar, is still contributing to positive recoveries for fuel prices, but this is only 1 cent per litre, meaning the sentiment around oil is going to be the deciding factor.
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