Things do not look good for petrol prices next month.
Economists from the Bureau for Economic Research say that a weak rand and rising global oil prices are lining South African motorists up for a gut-punch at the pumps in March.
“Global markets were in risk-off mode last week amid concerns that the continued strength in the US labour market could result in the US central bank keeping their policy interest higher for longer. Geo-political tensions between the US and China also contributed to investor unease. While the president again made promises to resolve the country’s ongoing energy crisis, the measures introduced did not inspire hope or confidence that respite was on the way.
Given this cold response and the prevailing global economic conditions, the rand has tanked to R17.91, starting the week on the back foot. At one point the local unit seemed like it was eyeing R18 to the dollar.
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