JOHANNESBURG (Reuters) – South Africa’s government said on Monday that the petrol pump price would decrease by up to 1.02 rand a litre and the diesel price would rise by up to 15 cents a litre from October 5.
South Africa’s fuel prices are adjusted monthly due to factors including global oil prices and the rand exchange rate.
The Ukraine war and its knock-on effects sent oil prices soaring earlier this year, driving South African fuel prices higher and sending inflation to a 13-year peak of 7.8% in July.
But global oil prices have eased in recent months, helping domestic inflation to fall slightly to 7.6% in August.
Despite that decline, South Africa’s central bank delivered another 75 basis point interest rate hike in September as it tries to bring inflation back within its 3%-6% target range, citing oil prices among potential risks.
(Reporting by Anait Miridzhanian; Editing by James Macharia Chege)
