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Fuel Prices Set to Slide for Third Consecutive Month

SOUTH AFRICA
  • As confirmed yesterday, a litre of petrol is set to drop for the third consecutive month, falling by ZAR 0.50, while diesel will fall by ZAR 1.00 per litre at next week’s monthly adjustment, with price cuts following the resumption of operations across most major shippers. Despite the pullback in prices this month, they remain above levels seen this time last year.
  • News24 write that South Africa’s foreign debt is on the rise, which brings danger. The piece writes that while government debt has ballooned in recent years, the vast majority was ZAR denominated – but that may not remain the case, according to the piece.
  • Transnet figures show that despite poor conditions, the Durban Container Terminal Pier 2 – the largest facility that handles most of the country’s container traffic – has reduced the backlog of vessels at anchor to 5 from a high of 20 in November. This will have reduced waiting times for critical spare parts for handling equipment, according to Moneyweb.
  • No key data due Wednesday, with the more notable release set to follow tomorrow with the all-economy PMI for December.
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