The rand has hit its strongest position in weeks, but oil prices are on the up as tensions rise in the Middle East – throwing up red flags for petrol prices in May.
Following the latest hike to petrol prices in South Africa this week, the daily recoveries for fuel are once again off to a mixed start in the new month – with a worrying outlook for prices in May.
Positive signs are already emerging for recoveries thanks to the rand, which has appreciated to its strongest level since the second week of March. However, the biggest contributor to under-recoveries for petrol is the movement in international fuel prices, driven by global oil prices. “The OPEC ministerial meeting confirmed the production cuts agreed in June 2023, and it is expected to maintain them when it is next convened on 1 June,” the bank said.
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