Fuel price increase

The combination of the rising oil price on fuel and food costs will lead to rapidly increasing inflation, the group said in a research note on Monday (7 March).

It added that the additional upward pressure on inflation will squeeze household purchasing power across the globe, especially in the Euro Zone and the UK where gas forms an important part of the energy mix. “This is especially the case as a growing list of local companies are commenting that they can no longer absorb a sustained rise in input costs and will now start to pass these on to the end consumer. The combination of the rising oil price on fuel and food costs will lead to rapidly increasing inflation, the group said in a research note on Monday (7 March).

South African motorists face further petrol hikes over the coming months as oil price increase – with a R2/litre hike expected in April based on current…

Motorists who live inland will pay R1,281 to fill up a 60-lire tank with 93 unleaded — R87.60 more than in February. “The consensus is shifting from a hard war that’s ending quickly to more protracted conflict. This is basically an expression of recession fear.” “Depending on oil price moves in the rest of the month, the increase could be significantly more than R2/litre. This follows a hefty petrol price hike of about R1.50/litre in March. Reports over the weekend of ‘active discussions’ between the US and European partners about a ban on Russian oil imports pushed oil prices up significantly further in Asian trade this morning.” At this stage, the oil prices are signalling that domestic fuel prices could increase by as much as R2/litre in April, the Bureau for Economic Research (BER) said in a note on Monday. Investec chief economist Annabel Bishop said that global oil prices and further rand weakness are likely to be heavily dependent on the level of aggression seen in Ukraine by Russia. With the war remaining only between these two countries, there is little current likelihood perceived of a third world war, she said in research note this week.

There is very little government can do to cushion the blow of high oil prices.

“The finance minister already made a concession by not increasing levies and taxes this year. This basic fuel price is largely determined by world oil prices and the exchange rate of the rand against the dollar, as well as the cost of refining crude oil to produce petrol, diesel and related products. Pienaar says there is nothing government can do in the short term. It will hurt all South Africans,” said the AA in its commentary on the most recent petrol price announcement. The highest the oil price has ever been was $147 per barrel, one day in July 2008. The average exchange rate for the period 28 January to 24 February 2022 was R15.23 compared to R15.51 during the previous period. 64.90 64.90 17.94 17.94 30.70 30.70

The government is staying mum about its discussions to review the way petrol is priced, as the global oil price threatens to soar to an all-time high ...

In his Budget speech last month, Godongwana also said the intention was to review the structure of the petrol price going forward in a bid to be competitive in this economy. The petrol price increased by R1.46 this month, pushing it beyond R21 a litre inland, and is likely to rise further in the absence of any interventions. The oil price escalation was exacerbated by delays in the potential return of Iranian crude that could bring about 500 000 to 1 million barrels a day to the global market. In a note, economists from the Bureau for Economic Research (BER) led by Hugo Pienaar, yesterday said the local impact of the extraordinary oil price gains was signalling that domestic fuel prices could increase by as much as R2 a litre in April. “Depending on oil price moves in the rest of the month, the increase could be significantly more than R2/litre,” BER said. THE government is staying mum about its discussions to review the way petrol is priced, as the global oil price threatens to soar to an all-time high following the war in Ukraine.

Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) will watch the evolving situation ...

Brent was USD 82.74 on November 5, 2021, before it started to fall and touched USD 68.87 a barrel in December. They spiked after it invaded the Central Asian nation on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory Western sanctions. But rates have been on the freeze since November 4, 2021. Fuel prices have been on a freeze for the past four months as five states, including politically significant Uttar Pradesh, went to the polls. But it is also a fact that we have been incurring huge losses," another official said, according to a PTI report. "We are watching the situation closely.

India Business News: With crude oil prices jumping to 14-year high amid the ongoing Russia-Ukraine war, speculations are high that oil marketing companies ...

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