Latest news with #R18.65
IOL News
30-06-2025
- Business
- IOL News
Fuel price increase: Here's how much you're likely to pay for petrol and diesel in July
fuel price petrol price Fuel prices are set to increase from Wednesday, July 2. Image: David Ritchie / Independent Newspapers Following four consecutive months of decreases, fuel prices are set to increase again in July following a spike in international oil prices. Month-end data from the Central Energy Fund (CEF) shows that the price of petrol is likely to rise by between 50 cents (93 Unleaded) and 53 cents (95 Unleaded), while diesel looks set to go up by between 82 cents (500ppm) and 84 cents (50ppm). Following the increases, a litre of 95 Unleaded will cost around R21.09 at the coast and R21.88 inland, with 93 Unleaded costing around R21.74. The wholesale price of 50ppm diesel is likely to rise to around R18.65 at the coast and R19.41 inland. Keep in mind that these predictions are based on unaudited data. The final, and official, fuel price adjustments will be announced by the Department of Mineral Resources and Energy early this week. The increases come as a result of higher international oil prices. Brent crude fluctuated between $62.90 and $75.40 during the month of June, with prices surging following attacks on Iran's nuclear facilities by Israel and the US. However, oil retreated to around $66 in the latter part of the month following the ceasefire. Brent Crude averaged $63.95 during the preceding review period, and given that prices hovered above that level for most of June, significant under-recoveries developed on both petrol and diesel. This was mitigated to a degree by a stronger rand. Were it not for gains made by the local currency, motorists would have faced increases in the region of 68 cents for petrol and R1 for diesel. However, the fuel price situation in South Africa has been aggravated by a rise in fuel taxes, which came into effect at the beginning of June, leading to smaller-than-expected fuel price decreases that month. The general fuel levy rose by 16 cents per litre for petrol and 15 cents per litre for diesel, raising total fuel taxes in South Africa to R6.37 for petrol. This raises serious cost-of-living concerns for South Africans who are already overburdened. Continually turning to fuel levies to fill budget gaps is unsustainable, the Automobile Association said, particularly in the absence of full transparency on how these funds are allocated and used. Get your news on the go, click here to join the IOL News WhatsApp channel. IOL
News24
22-04-2025
- Business
- News24
Rand reaches best level in weeks as Trump attacks on Fed boss unsettle dollar
For more financial news, go to the News24 Business front page. The dollar sank to a fresh seven-month low versus the safe-haven yen on Tuesday as US President Donald Trump's unrelenting attacks on the Federal Reserve chairman further eroded investor confidence in the US economy. The US currency accelerated losses after Thailand's prime minister said trade negotiations with Washington - scheduled to begin on Wednesday - would be postponed. Early on Tuesday morning, the rand traded below R18.65/$ for the first time since the start of April as the dollar came under pressure. By 08:30 (SA time), the local currency was at R18.68, after trading around R19.10 less than a week ago. The dollar sagged close to the decade-low reached the previous day against the Swiss franc, and edged back towards a 3-1/2-year trough versus the euro. Trump ramped up his criticism of Fed chief Jerome Powell on Monday in a Truth Social post, calling him a "major loser" and demanding that he lower interest rates "NOW" or risk an economic slowdown. On Friday, White House economic adviser Kevin Hassett said the president and his team were continuing to study whether they could fire Powell, a day after Trump said Powell's termination "cannot come fast enough". Trump's onslaught comes after Powell last week said the central bank can afford to be patient in judging how to set policy, and that rates should not be lowered until it is clearer that US tariffs won't stoke persistently higher inflation. "There's this terrible stalemate there, and concern that there will be some sort of action taken to replace Powell, which would create a real panic in the dollar," said Eric Kuby, chief investment officer at North Star Investment Management. Moreover, on the trade front, "every day that there are no deals struck to provide any relief, it creates continued anxiety" that Trump's policies will continue in their current form, which would be "destructive for the economy", Kuby said. China on Monday accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the United States at its expense, ratcheting up the trade war between the world's two biggest economies. The dollar sank as much as 0.6% to touch the key psychological 140 yen level for the first time since mid-September. The US currency eased 0.1% to 0.8082 Swiss franc , not far from the decade-low 0.8042 reached in the previous session. The euro was little changed at $1.1535, after jumping to $1.1573 on Monday for the first time since November 2021. Sterling gained 0.25% to $1.3412 after surging as high as $1.3421 for the first time since September to start the week. Even the risk-sensitive Australian dollar climbed to a fresh four-month peak of $0.64385. "The longer the speculation about the independence of U.S. monetary policy continues, the longer the USD is at risk of falling," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "It may take another sell-off in the U.S. government bond market or U.S. equity market to encourage President Trump to refrain from such comments." The US dollar index measure against six major peers declined to 98.117, after sinking as low as 97.923 in the previous session, a level not seen since March 2022.
