A stronger rand and lower oil prices mean that South African motorists will be much happier at the pumps in June – with good news for inflation, too.
Data for the third week in May shows that South African motorists are in store for a sizeable cut to prices – with petrol and diesel in line for reductions.
The rand had a strong week last week which continued into this week. While there was some consolidation on Monday , the unit managed to retain its strength under R18.20 to the dollar, sticking around those levels on Tuesday. Oil is about 8% higher this year due to the OPEC+ cuts, but Brent crude has eased since mid-April, Bloomberg analytics noted.
The country started the year with a petrol price cut in January, but then experienced four consecutive hikes from February through to May.
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