Petrol and diesel prices are expected to increase in January due to the weakening rand against the dollar. Economists predict that the presidency of Donald Trump will further negatively impact the rand.
Uphill from here? The January outlook for petrol and diesel prices is looking pretty bleak at the moment. Get the latest figures here. The official fuel price adjustments for December will come into effect on Wednesday, 1 January. If the current trend in fuel price predictions persists, petrol heads and diesel users could both be getting less mileage for their buck come 2025.
The weakening of the rand against the dollar has pushed fuel recoveries into the red, pointing to petrol and diesel price hikes when fuel prices are adjusted on the first Wednesday of the month — which happens to fall on 1 January. This implies that the under-recoveries are likely to grow into larger increases between now and month-end – possibly in the region of 20 cents.The two largest factors in play when it comes to determining fuel prices, are the price of unrefined oil internationally, as well as the rand/ US dollar exchange rate. Major and constant fluctuations surrounding these factors can influence the Department of Mineral and Petroleum Resources’ final decision to raise or lower fuel prices.The rand weakened to about R18.20 against the American greenback last week when the US Fed announced its rate cut decision. Most economists and analysts are predicting that the presidency of Donald Trump would be a net negative for the rand when the United States’ president-elect, takes office on 20 January
FUEL PRICES RAND OIL ECONOMY TRUMP
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