Industry News

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16
Jul

Fuel hike, rand weakness to drive up June inflation – economist

The fuel hike and rand weakness will likely drive up June inflation; however, the Reserve Bank is expected to keep interest rates on hold, say economists. In separate market updates, economists have shared their insights on economic data to be released in the coming week. May’s retail sales and June’s consumer inflation data will be released by Statistics South Africa on Wednesday, and on Thursday the Reserve Bank’s Monetary Policy…

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16
Jul

Rob Davies fights US tariffs on automotive products

SA has raised its concern with the US government about possible duties on vehicle and vehicle component imports, pointing out that their imposition on South African exports would significantly erode the benefit the country is meant to enjoy under the Africa Growth and Opportunity Act (Agoa). Following its decision to impose import duties on steel (25%) and aluminium (10%), the US decided to investigate whether it should do likewise with…

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16
Jul

Ramaphosa downplays hope of a quick fix for cost of high fuel, VAT

President Cyril Ramaphosa has given ministers in the economic cluster a two-week deadline to come up with measures to ease the burden of high fuel prices and the VAT hike on already struggling consumers. However he was careful not to raise hopes of a quick solution, indicating that government’s options are limited. “We know this matter is urgent and I wanted it to be attended to as quickly as possible……

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13
Jul

Trade wars turn up the heat on local consumers

South African consumers face more pain from potential global trade wars and fuel increases, global payments company Mastercard said on Tuesday. The retail sector has been flailing in recent months, with consumers feeling the strain of VAT increases and three consecutive months of fuel price increases. Consumer spending accounts for more than 60% of GDP. The economy is still reeling from a weak first quarter in which the sector contributed…

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13
Jul

What could happen if South Africa stopped regulating its fuel price

Last week President Cyril Ramaphosa confirmed that government was currently looking at ways to soften the blow of the recent fuel price increases. With promises that new measures would introduced within the next six weeks, Ramaphosa may have a difficult task in choosing exactly where the money will be coming from in a budget that is already taking serious strain. According to Dave Mohr and Izak Odendaal, strategists at Old…

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06
Jul

VAT, fuel price hikes: Ramaphosa gives ministers 2 weeks for plan to ease consumer pain

Government will in two weeks’ time announce a package of economic measures to cushion the public from the crippling effects of high fuel price hikes and the VAT increase, President Cyril Ramaphosa said on Friday. Addressing business and government leaders in Pretoria ahead of the BRICS Summit later this month, Ramaphosa said a panel made up of various stakeholders from the economic cluster has been tasked with drafting the package.…

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05
Jul

Treasury’s VAT panel to look into fuel price hikes

National Treasury’s panel of experts investigating zero-rated VAT items will also consider the impact of recent fuel price increases, Minister of Communications Nomvula Mokonyane said at a post-Cabinet briefing on Thursday. Speaking to reporters in Pretoria, Mokonyane said Cabinet – which met on Wednesday – wished to reassure South Africans that government was working to alleviate the impact of price increases on poor communities. National Treasury in April appointed a…

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04
Jul

Fuel price hike: Consumers brace for higher food, transport costs

Consumers will be faced with higher travelling costs and the possibility of food price inflation as a result of the fuel price hikes which came into effect at midnight of Tuesday, economists have warned. The inland price for a litre of 95 octane unleaded petrol will cost R16.02 from Wednesday. The coastal price will be R15.43, according to the Department of Energy. Paul Makube, a senior agricultural economist at FNB…

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02
Jul

Mantashe halts new petroleum licences

In a move that is likely to create more uncertainty in the petroleum sector, Mineral Resources Minister Gwede Mantashe last week published a notice restricting applications for oil and gas exploration and development in order to allow his department to change its licensing process. The South African oil and gas industry is said to hold the key to the country’s energy security challenges. But the proposed amendments to regulations governing…

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02
Jul

PETROL SHOCKER: Inland price spurts over R16/litre

Both grades of petrol, 93 and 95 (ULP & LRP), will increase by 26 cents and 23c a litre respectively on Wednesday, the Department of Energy announced on Sunday. The spike would have been 20c a litre more if it wasn't for declining oil prices, Energy Minister Jeff Radebe said in a statement on Sunday. Diesel 0.05% sulphur and diesel 0.005% sulphur will increase by 26c and 24c a litre…

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