FNB has warned that prices will likely rise during the rest of 2023, despite petrol prices looking set to decline in July, according to FNB:
- Petrol prices in South Africa are expected to increase in the coming weeks due to the rising cost of Brent crude oil, which has been increasing due to supply constraints and increasing demand.
- The weakening of the South African rand against the US dollar also contributes to higher fuel prices, as fuel is priced in dollars.
- The combination of rising oil prices and a weaker exchange rate is likely to result in higher fuel prices at the pump.
- The higher fuel prices are expected to have a negative impact on consumers and the economy, particularly given the ongoing challenges facing the country.