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Fuel Levy to Counter June’s 20% Rise in Petrol Prices

SOUTH AFRICA
  • Announced yesterday, the government are to extend fuel subsidies by an extra two months to blunt the impact of surging energy prices on the consumer. The relief is to be funded by a liquidation of a portion of their strategic oil reserves. As per Treasury calculations, the withdrawal would have contributed to an increase in petrol prices of close to R4 per litre, and push prices of 95 octane unleaded petrol (ULP) to above R25 per litre, an increase of just under 20% next month.
  • The AA have welcomed the fuel levy policy move, however added that massive increases in fuel prices are still to hurt consumers and the economy.
  • Negotiations surrounding public servant wages continue, with the government tabling a 4.5% wage hike offer (their previous offer was no pay rise at all) while the union demands still sits at 10%. In an EWN interview, however, trade union sources said they were willing to revise their demands.
  • ABSA Manufacturing PMI data is the highlight going forward, with markets expecting the May read inline with April’s 50.7. The data crosses at 1000BST/0500ET.
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