Record petrol price hike in April likely to come in lower than expected: economists

South Africa faces another steep petrol price increase in April.

South Africa faces another steep petrol price increase in April, but a combination of lower oil prices and a stronger than expected local currency means the blow will likely not be as bad as originally feared, say economists at the Bureau for Economic Research .

Mid-month estimates had put the petrol price increase at close to R2.50/litre for petrol and over R3.00/litre for diesel, prompting calls for the government to step in to help cushion the knock-on effects.shows the under-recovery has reduced slightly to around R1.90 per litre for petrol and R2.80 for diesel.

“South Africa will feel the effects of sharply higher energy prices and the general rise in intermediate and capital goods prices due to supply chain bottlenecks. Consequently, import prices are expected to increase at a faster pace than those of exports, resulting in a further deterioration in South Africa’s terms of trade.”

A potential one-off reduction of between 3 cents – 18 cents/litre as part of a recommended Basic Fuel Price review which could be introduced immediately;

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

BusinessTechSA /  🏆 24. in ZA

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.

No more masks outdoors, but state of disaster to stay until mid-April | News24After almost two years, South Africans will be able to enjoy the outdoors without their face masks. But the state of disaster will only be lifted sometime after mid-April. | gerbjan
Read more »

Netflix docu-series on Senzo Meyiwa’s murder begins in April'Senzo: Murder of a Soccer Star' delves into the soccer star’s murder with insight into what transpired the night Meyiwa was gunned down.
Read more »

Phil Mickelson to skip April MastersMystery surrounds purported disciplinary action by PGA Tour organisers
Read more »

New world record set as car brands display their wares at FunerexThe expo dedicated to the SA funeral industry was hosted at Kyalami and featured a host of automotive brands
Read more »