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Fuel price decreases will be a welcome breather

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A stronger rand has come to the rescue of South African fuel users, causing fuel prices to decrease with effect from Wednesday, says Meshel Muzuva, a senior finance and economics lecturer at private higher education institution MANCOSA.

However, consumers must remember there will always be the instability of local and global economies and this can affect fuel prices.

“International petroleum prices have been stable, and this has allowed the rand to leverage its recent strength. This has led to a lower contribution to the basic fuel prices on petrol, diesel and illuminating paraffin.

“The fuel price decrease will bring some relief to cash-strapped South Africans. Financially-burdened South African consumers can thus expect a breather in May from the series of fuel price increases earlier in the year and users of paraffin will be delighted with the news as we are approaching cold winter months,” Muzuva said.

The price of petrol is set to come down by nine cents per litre and diesel will decrease by 31 cents a litre. The price of illuminating paraffin (SMNRP) will decrease by 30 cents.

“The impact of the decrease in the price of paraffin will result in poorer households witnessing a decrease in their cost of living. Consumers will also benefit from the lower prices of transport and fuel and this will effectively increase their disposable income and enable them to spend more on other goods.

“Nevertheless, consumers should continue to be worried given the ongoing instability in both local and global economies which may point to future uncertainty around petrol prices in the coming months.

“Global financial markets do impact the rand, so the weakening of the rand in future could push the fuel price further to unsustainable levels and bite the little income at the disposal of households,” said Muzuva.

ENDS

ABOUT MANCOSA
MANCOSA, a leading provider of management programmes through supported distance learning in Southern Africa, is renowned for its MBA offering, which is ranked among the 10 of the best MBAs in Africa. A member of Honoris United Universities – the first Pan-African private higher education network focused on nurturing the next generation of African leaders and professionals. MANCOSA serves as an innovation hub for undergraduate and postgraduate management, offering 50 accredited programmes. A selection of Executive Education Short Learning Programmes is also offered to meet the requirements of professionals in both the private and public sectors. See: www.mancosa.co.za
For queries or additional information call 031 300 7200, email pr@mancosa.co.za or visit https://www.mancosa.co.za/.

About Honoris United Universities

Honoris United Universities is the first and largest Pan-African private higher education network committed to educating the next generation of African leaders and professionals able to impact regionally in a globalised world. Collaborative intelligence, cultural agility and mobile mind-sets and skills are at the heart of Honoris’ vision of higher education. Honoris United Universities joins the expertise of its member institutions to develop world-class African Human capital that is competitive in today’s fast-paced, demanding and increasingly digitised labour and start-up markets.

Honoris United Universities gathers a community of 57,000 students on 70 campuses, learning centres and via on-line, in 10 countries and 32 cities. The network counts 14 institutions: multidisciplinary universities, specialised schools, technical and vocational institutes, contact, distance, and online institutions. Students have an opportunity to experience exclusive partnerships and exchange programs in more than 85 universities across Europe and the United States. Over 300 degrees are offered in Health Sciences, Engineering, IT, Business, Law, Architecture, Creative Arts and Design, Media, Political Science and Education.

Honoris United Universities. Education for Impact. www.honoris.net

Issued by:
Yogin Devan
Meropa Communications
(031) 201 0550 / 083 326 3962

On behalf of:
Honoris United Universities
Durban

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