Petrol and diesel prices decrease for July
Fuel prices decrease for July
As of midnight, on Tuesday, the price of 95-octane petrol will fall by 95 cents a litre and 93 octane by 96 cents a litre. The price of diesel (0.05% sulphur) will decrease by 74 cents a litre, while diesel (0.005% sulphur) will cost 75 cents a litre less.
Let us start this week’s newsletter with some good news. As of midnight, on Tuesday, the price of 95-octane petrol will fall by 95 cents a litre and 93 octane by 96 cents a litre. The price of diesel (0.05% sulphur) will decrease by 74 cents a litre, while diesel (0.005% sulphur) will cost 75 cents a litre less.
South Africa’s economy remains stuck in its longest downward cycle since 1945, adding to the risk that it may fall into its second recession in a year. The economy entered the 67th month of a weakening cycle in June, according to the Reserve Bank’s Quarterly Bulletin. That is after the gross domestic product contracted the most in a decade in the three months through to March.
Local equity markets lost some ground in the past week after a steady climb early in the month. The JSE all-share index lost 1.20% for the week but closed the month 4.78% up. The rand gained 1.61% against the US dollar and traded almost 50c stronger than last month this time.
The US and China declared a truce in their trade war on Saturday, as president Donald Trump said he would hold off imposing an additional $300 billion in tariffs, and the world’s two largest economies agreed to resume negotiations. After a meeting with Chinese President Xi Jinping, Trump told reporters that he also would delay restrictions against Huawei Technologies Co, allowing US companies to resume sales to China’s largest telecommunications equipment producer.
After calling off a counterstrike against Iran last week, President Trump this week announced additional sanctions against the country. This action did not have a material impact on the price of Brent crude oil and the commodity traded at around $64 per barrel.
The US Federal Reserve on Wednesday signalled interest rate cuts beginning as early as July, saying it is ready to battle growing global and domestic economic risks as it took stock of rising trade tensions and growing concerns about weak inflation. A cut in US rates could be a boost for global growth and will have a positive impact on the local economy and markets.
The Purchasing Managers’ Index (PMI) number expected on Tuesday will give an indication into developing trends in the overall economy for the second half of the year.
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Market data provided by I-Net | News article provided by Securitas with 4D Wealth
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