Lower oil futures and a weak rand paint a shaky picture for fuel prices in South Africa.
The rand has enjoyed a rebound against the US dollar, but Chinese worries are giving markets the jitters.
The rand was on the back foot in morning trade on Wednesday (21 September), as it drifted towards R18:00 to the dollar ahead of a slew of data both locally and internationally.
South Africa's rand has come under pressure in 2022, with economists at Nedbank projecting a further difficult trading period over the next 12 to 18 months.
The rand lost further ground against the dollar in mid-morning trade on Thursday (18 August) having shed nearly 1.7% against the greenback a day earlier.
Mid-month data from the Central Energy Fund shows that motorists could see a significant petrol and diesel price cut in September.
Chief economist Investec, Annabel Bishop says that South Africa is in line for a cut in the petrol price of nearly R2.00 per litre in August given the drop in the international gasoline price.
The rand continued to get battered in trade on Monday (13 June), losing further ground to the major currencies following a sell-off on Friday, as investors rushed to buy 'safe haven' dollars amid data that showed US inflation accelerated in…
South Africa's rand remains on the back foot against the dollar which continues to gain strength due to concerns over slowing economic growth globally, and rising interest rates, and war risks, leading to increased market volatility.
After record petrol price increases in March and April on the back of soaring global oil prices, South African motorists are set to further miss out on expected relief in May after the rand nosedived in a week of turmoil.