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SOUTH AFRICA
11.08.22 17:19
Economics

South Africa expects petrol and food prices to decrease

Economists note downward trend in global oil prices

According to the Bureau of Economic Research (BER), petrol and food prices will fall in the coming months. BusinessTech writes about this.

In their report on Monday (8 August), BER economists pointed to a downward trend in global oil prices, which, if the trend continues, will lead to a significant drop in fuel prices later in the month.

"The price of Brent crude has fallen by 13.7%, one month ahead of schedule. Indeed, the average price of Brent crude in July was around $105 a barrel, down from around $118 a barrel in June, and the average price for the first week of August was just $97 a barrel," BER said in a statement.

"Although it is still early in the month, this could be good news for South African consumers, who have already seen the price of petrol drop by R1.32 per litre last week," the BER added.

Combined with the strengthening of the rand in August compared to the much weaker performance in July, motorists could see petrol prices drop by R2.80 in September if current market conditions persist.

Photo: IStock

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