Govt buckles under pressure, intervenes to keep fuel price hike to 4.9 cents

The bizarre thing… why now? The bulk of the pain we’ve already taken… What is this about?

George Glynos, ETM Analytics

Fuel prices will only increase by 4.9 cents per litre on Wednesday instead of the 23 cents to 25 cents per litre the Automobile Association expected.

The 4.9 cents a litre price increase is just enough to provide annual salary increases for attendants and other staff.

Despite the fact that these increases were caused mainly by international factors, the department has decided to intervene temporarily for this month. This is a once off temporary intervention to provide some relief to motorists and consumers against fuel price hikes.

Department of Energy

The Money Show’s Bruce Whitfield interviewed George Glynos, Head of Research at ETM Analytics.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

The strategic fuel fund might be coming in with some clever strategy… to delay the price hike in the hope that the rand makes a recovery or the oil price comes down…

George Glynos, ETM Analytics

Interventions rarely work.

George Glynos, ETM Analytics

Those strategic reserves are now absent… They haven’t been able to rebuild it yet, so we know it’s not coming from that.

George Glynos, ETM Analytics

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Govt buckles under pressure, intervenes to keep fuel price hike to 4.9 cents


Recommended

by NEWSROOM AI
Read More
Working abroad? New rules are coming! You're probably breaking the existing ones

Working abroad? New rules are coming! You're probably breaking the existing ones

Bruce Whitfield interviews Warren Ingram, a Personal Financial Advisor and Executive Director at Galileo Capital.

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

The Money Show’s Bruce Whitfield interviews Marais, a quantum biology researcher with dreams to live on Mars.

'Get ready for tax levy to save Eskom, because the money is simply not there'

'Get ready for tax levy to save Eskom, because the money is simply not there'

Eskom has so much debt it threatens to break South Africa. Bruce Whitfield interviews Dr Adrian Saville of Cannon Asset Managers.

Meet Abel Sithole, the man in charge of R1.6 trillion in Government pensions

Meet Abel Sithole, the man in charge of R1.6 trillion in Government pensions

The Money Show’s Bruce Whitfield interviews Abel Sithole, Principal Executive Officer at the GEPF, Africa’s largest pension fund.

Cheekily named load shedding app EskomSePush goes from 2500 to 400 000 users

Cheekily named load shedding app EskomSePush goes from 2500 to 400 000 users

It’s now the most downloaded IOS app and 2nd most downloaded Android app in SA. Bruce Whitfield interviews co-founder Dan Wells.

Global fuel prices unchanged. But in SA it becomes more expensive than ever

Global fuel prices unchanged. But in SA it becomes more expensive than ever

Petrol will cost more than R16 a litre in September for the first time ever. Bruce Whitfield interviews the AA's Layton Beard.

Popular articles
DStv subscription price hikes for 2019

DStv subscription price hikes for 2019

MultiChoice will increase the prices of certain DStv packages from 1 April.

[LISTEN] Discovery Health defends decision to shift certain ops to day hospitals

[LISTEN] Discovery Health defends decision to shift certain ops to day hospitals

Kieno Kammies speaks to Dr Ryan Noach Deputy Chief Executive at Discovery Health and Dr K who says his patients are suffering.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Eskom has warned that more power cuts can be expected as maintenance continues over the next twelve months.

Eskom top manager used load-shedding to enrich friend, then quit - reports

Eskom top manager used load-shedding to enrich friend, then quit - reports

Claims that Koos Jordaan helped his friend get R10 billion contract and then resigned shortly after an investigation was launched.

How to make sure your aluminium windows are burglar-proof

How to make sure your aluminium windows are burglar-proof

Houses with aluminium window frames are urged to tighten up security as a new home invasion trend grows in the northern suburbs.

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.