Petrol Price Hike
Petrol Price Hike
The JSE all-share index (ALSI) was not immune to international news, and by Tuesday the local market dropped to 55 254.67 points, that is 2.82% lower than the previous week’s close.
The past week was once again a week of extreme volatility for South African investors, with markets being driven mostly by international events.
The possibility of a trade war between the US and China continued to put pressure on emerging markets. Industry data show that there have been nine straight weeks of outflows for emerging market debt and seven consecutive weeks of outflows for emerging market equity, in contrast with record inflows into US equities. Following continued pressure on trade partners in recent weeks, the White House on Friday made efforts to tone down the rhetoric. Plans to limit Chinese investment in US-based technology companies were scrapped in favour of more rigorous reviews by the Committee on Foreign Investment in the United States (CFIUS). Markets were bolstered by the administration’s decision to back away from firm numerical limits on investments from China in favour of a more flexible approach. The move was seen as a victory for more moderate government voices on trade, but a defeat for trade headliners.
The JSE all-share index (ALSI) was not immune to international news, and by Tuesday the local market dropped to 55 254.67 points, that is 2.82% lower than the previous week’s close. Following the news out of the US, the local market yielded massive gains on Friday to close at 57 610.98 points, that is a good 1.3% up for the week. The SA currency was sent on the same roller-coaster ride as international investors disinvested from and then recommitted to the local market. At some stage, the currency almost touched R14 to the USD mark, but later retreated to around R13.72. The movement in the currency was most likely driven by international flows.
Motorists will have to brace themselves for yet another petrol price increase. The price of fuel, already at a record high, is set op to go up again this week. The Department of Energy announced on Sunday that the price of 93 octane will increase by 26 cents per litre and 95 octane by 23 c/l this coming Wednesday. Diesel 0.05% sulphur and diesel 0.005% sulphur will increase by 26c and 24c a litre respectively. The price of 95-octane petrol for inland motorists will be R16.02 per litre from Wednesday.
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