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South Africa to cut petrol, hike diesel prices from October 5 - govt

10/04/2022 | 02:51am EST
South Africa takes new steps to curb rising fuel prices

JOHANNESBURG (Reuters) - South Africa's government said on Monday that the petrol pump price would decrease by up to 1.02 rand a litre and the diesel price would rise by up to 15 cents a litre from October 5.

South Africa's fuel prices are adjusted monthly due to factors including global oil prices and the rand exchange rate.

The Ukraine war and its knock-on effects sent oil prices soaring earlier this year, driving South African fuel prices higher and sending inflation to a 13-year peak of 7.8% in July.

But global oil prices have eased in recent months, helping domestic inflation to fall slightly to 7.6% in August.

Despite that decline, South Africa's central bank delivered another 75 basis point interest rate hike in September as it tries to bring inflation back within its 3%-6% target range, citing oil prices among potential risks.

(Reporting by Anait Miridzhanian; Editing by James Macharia Chege)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 0.24% 76.63 Delayed Quote.-1.85%
DOW JONES AFRICA TITANS 50 INDEX -0.31% 471.16 Real-time Quote.-12.10%
DOW JONES SOUTH AFRICA(ZAR) 0.00% 1993.11 Real-time Quote.0.46%
EURO / SOUTH AFRICAN RAND (EUR/ZAR) 0.90% 18.2609 Delayed Quote.-0.94%
S&P AFRICA 40 INDEX -0.18% 155.17 Real-time Quote.-11.21%
SOUTH AFRICA 10Y CASH -1.11% 10.4371 Delayed Quote.10.14%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) 1.04% 17.3391 Delayed Quote.7.30%
WTI -0.79% 71.473 Delayed Quote.-3.72%
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