Economist Koketso Mano says theMano was reacting to the Central Energy Fund’s announcement late on Friday that the prices of fuel, diesel and paraffin would go up next week.
Mano, however, says the expected slightly cheaper fuel prices for the country in the short term will depend on the risks on global oil markets and the strength of the Greenback. Economist Koketso Mano says: “We project petrol prices to continue gradually easing over the next year, but remaining above pre-pandemic levels subject to unfolding risk on international oil markets, as well as the rand/dollar exchange rate.”
“Geo-political tension remains elevated, EU sanctions on Russian oil are looming, the US government will release reserves to limit price increases in the country, and the Fed is expected to increase rates further in November, supporting the stronger dollar,” adds ManoSouth Africa’s Energy Department on Friday announced that the fuel will go up in November and attributed the hikes to the higher oil prices and the weaker rand to the dollar. Fuel prices are set to go up next month.
Diesel users will be the most affected as the price will increase by 0.79 US dollars a litre. Both grades of petrol will increase by 51-South African cents a litre.The department’s Robert Maake says the high demand and continued low supply of diesel have led to a higher increase in diesel prices compared to petrol
But going up on the 1st Wednesday of the month...
mckaytracey I thought it was going up next month
But this month it's increasing nje
He or she is crazy , price of petrol will increase until 2024, as OPEC will decrease supply of production. She or he is smoking some heavy shit..good thing is prices of used vehicles and new cars will decrease, so think about buying if you have low credit scrore and history
Haymaan