The outlook for petrol and diesel prices in February 2023 is slowly turning.
The Department of Energy has stressed that the daily snapshots are not predictive and do not cover other potential changes like slate levy adjustments or retail margin changes, which are determined by the department at the end of the month, taking all variables into account.
In the first half of the month, global oil prices dropped significantly and then rebounded. While this movement is still contributing to an over-recovery in local prices, its impact is lower than at the start of the month. Meanwhile, the rand has remained in a relatively stronger position versus the dollar, boosting the expected drop.The rand started the week in a stronger position versus the US dollar, back under the R17 mark, sitting at R16.74 to the dollar in early morning trade.
However, after US data published last week offered hope that inflation is on a sustained downward trend – potentially allowing the US Federal Reserve to slow its pace of policy tightening – this sentiment could easily shift and put the dollar on top again. The drop in prices was largely driven by market sentiment around demand, with analysts holding a dim outlook for demand coming from industrious nations like China – while supply concerns eased.
China ditched Covid-19 curbs in late 2022 after years of strict lockdowns. That’s set to improve economic activity and mobility, with analysts forecasting that oil demand in the top crude importer will likely hit a record.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Financial lessons from the pandemic years you can use in 2023 | The Citizen💰💰 The Covid19 pandemic equipped us with financial lessons to take into 2023. 💳 Click here for tips on how to avoid a financial mess... 👇
Read more »
Changes to pensions in South Africa in 2023 – what you need to knowLegal experts from Cliffe Dekker Hofmeyr breakdown the Financial Service Conduct Authority’s (FSCA) new plan to ensure compliance with the law regarding pensions.
Read more »
Postbank hit with another “glitch”Postbank said a “glitch” had prevented many social grant recipients from accessing their January 2023 payments.
Read more »
PHOTOGRAPHY: Our World in Pictures: Week two of 2023Shocking, moving, terrifying, surprising... These are the images of some of this week’s events around the world.
Read more »
CES 2023: Groundbreaking spatial tech brings 3D to lifeASUS unveiled several game-changing laptops and gadgets at CES 2023, held in Las Vegas earlier this month but their Spatial Vision Technology stole the show. 💻 Asus laptop
Read more »
Government collapse – and 4 other things businesses in South Africa are stressing about in 2023Government collapse - and 4 other things businesses in South Africa are stressing about in 2023
Read more »