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Announcement Expected on Fuel Prices

SOUTH AFRICA
  • Finance Minister Godongwana this morning outlined a possible plan for the government to act against the recent increase in fuel prices, with Treasury officials meeting energy department officials to run through the proposals. No specifics were given, but the discussions come ahead of the expiration of a temporary fuel subsidy that runs off at the end of tomorrow.
  • The focus on energy prices continues in local press – eNCA cites forecasts that petrol will reach R25/litre this week – the sharpest increase on record. The piece flags that a policy tool could involve the deregulation of petrol prices, allowing individual forecourts to set their own prices.
  • Moneyweb flags that just three power stations (Tutuka, Kendal and Duvha) were responsible for near half of all Eskom breakdowns across March this year. Should these three plants be shored up and repaired, Eskom could plug current energy shortfalls suffered during the evening peak.
  • Monthly budget balance data crosses later today, but more focus will be paid to the trade balance data tomorrow and Manufacturing PMI on Wednesday.
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