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SA petrol price down, diesel up from 5 October

The Department of Mineral Resources and Energy has announced that the petrol pump price will decrease by up to R1.02 a litre and the diesel price will rise by up to 15 cents a litre from 5 October.
Source: Reuters/Siphiwe Sibeko
Source: Reuters/Siphiwe Sibeko

Fuel prices are adjusted monthly due to factors including global oil prices and the rand exchange rate.

The Ukraine war and its knock-on effects sent oil prices soaring earlier this year, driving South African fuel prices higher and sending inflation to a 13-year peak of 7.8% in July.

But global oil prices have eased in recent months, helping domestic inflation to fall slightly to 7.6% in August.

Despite that decline, South Africa's central bank delivered another 75 basis point interest rate hike in September as it tries to bring inflation back within its 3% to 6% target range, citing oil prices among potential risks.



SOURCE

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About Anait Miridzhanian

Reporting by Anait Miridzhanian; Editing by James Macharia Chege

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