{"id":61073,"date":"2024-02-16T17:12:43","date_gmt":"2024-02-16T17:12:43","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa"},"modified":"2024-02-16T17:39:10","modified_gmt":"2024-02-16T17:39:10","slug":"trouble-coming-for-petrol-prices-in-south-africa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa","title":{"rendered":"Trouble coming for petrol prices in South Africa"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Economists from the Bureau for Economic Research (BER) say the volatile global oil price and the weaker rand against the dollar will likely push fuel prices higher in March \u2013 which is bad news for inflation.<\/p>\n

In the group\u2019s weekly review, it noted that the oil price remains volatile as tension in the Middle East continues to build, with no end is sight for the ongoing conflict in the region.<\/p>\n

\u201cIsraeli Prime Minister Benjamin Netanyahu once again said that a permanent ceasefire is not on the table and that the country would push for a total victory over Hamas.<\/p>\n

\u201cAt the same time, there are increased worries about the clash between Hizbollah (Lebanon) and Israel turning into a full-blown war after Israel carried out numerous airstrikes in South Lebanon (in retaliation for a suspected Hizbollah attack on Israel),\u201d it said.<\/p>\n

While steady US oil production has so far prevented the oil price from blowing out despite increased geopolitical unrest in the Middle East, crude is still trading higher than at the start of the year.<\/p>\n

\u201cIndeed, with a so far higher Brent crude oil price and a weaker rand exchange rate in February (relative to January), fuel prices could rise once more next month, keeping pressure on inflation,\u201d the BER said.<\/p>\n

This echoes analysis from Investec chief economist, Annabel Bishop, who noted earlier this week that both the rand and global oil prices are on shaky ground.<\/p>\n

While the rand is trading weaker because of a mix of local and global issues \u2013 local being tensions and anxieties ahead of the 2024 elections, and global being the sentiment around higher interest rates sticking around for longer \u2013 oil prices are also tied up in a confluence of macroeconomic matters.<\/p>\n

The aforementioned tensions in the Middle East are a big factor \u2013 but so is the sentiment around US interest rates, overall demand from China, and moves by OPEC+ nations.<\/p>\n

BusinessTech\u2019s mid-month petrol price analysis shows that both petrol and diesel are looking at a sharp hike in March, with the former showing an under-recovery (thus eventual increase) of around R1.30 per litre and the latter lining up a hike of between R1.40 and R1.50 per litre.<\/p>\n

According to the BER, a petrol and diesel price hike will have a negative impact on inflation, which the South African Reserve Bank is hoping to see settle \u201csustainably\u201d at the mid-point of its target range (4.5%).<\/p>\n

Reserve Bank governor Lesetja Kganyago has made it clear that the central bank won\u2019t adjust its policy (i.e., cut rates) until it is comfortable that inflation is under control at this point.<\/p>\n

This has fed into a \u201chigher for longer\u201d position on rates, with the first cuts only expected in July or September 2024 in South Africa.<\/p>\n

This means indebted households are likely to remain under financial pressure for the bulk of the year, with relief sitting just out of reach for now.<\/p>\n

Stats SA will publish the latest inflation figures (for January 2024) next week.<\/p>\n

The BER anticipates that inflation will accelerate to about 5.4% y-o-y from 5.1% in December. This is despite fuel prices coming down that month.<\/p>\n

\u201cWhile inflation is set to moderate through 2024, the first few months will be bumpy amid high fuel prices and increased medical aid premiums,\u201d the BER said.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Economists from the Bureau for Economic Research (BER) say the volatile global oil price and the weaker rand against the dollar will likely push fuel prices higher in March \u2013 which is bad news for inflation. In the group\u2019s weekly review, it noted that the oil price remains volatile as tension in […]<\/p>\n","protected":false},"author":84,"featured_media":61072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-61073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nTrouble coming for petrol prices in South Africa - South Africa<\/title>\n<meta name=\"description\" content=\"Economists from the Bureau for Economic Research (BER) say the volatile global oil price and the weaker rand against the ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trouble coming for petrol prices in South Africa\" \/>\n<meta property=\"og:description\" content=\"Economists from the Bureau for Economic Research (BER) say the volatile global oil price and the weaker rand against the ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-16T17:12:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-16T17:39:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708092213.545363.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Trouble coming for petrol prices in South Africa\",\"datePublished\":\"2024-02-16T17:12:43+00:00\",\"dateModified\":\"2024-02-16T17:39:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa\"},\"wordCount\":563,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708092213.545363.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/trouble-coming-for-petrol-prices-in-south-africa\",\"name\":\"Trouble coming for petrol prices in South Africa - 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