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Fuel Price Drop to 2022 Lows Eases Inflation Pressure in South Africa

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South African fuel prices will drop to their lowest level since February 2022 on 2 October 2024, with the price of 95-octane petrol in Gauteng falling to R21.05 per litre—18% lower than a year ago. Diesel prices will also see a 26% decrease. This reduction, driven by lower international oil prices and a stronger rand, is expected to ease inflation pressures, as fuel directly influences 5% of the inflation basket and indirectly affects most consumer goods. Annual inflation, which slowed to 4.4% in August, may fall further, supporting consumer spending and economic recovery.


Read more on Moneyweb: https://www.moneyweb.co.za/news/economy/fuel-price-drop-to-2022-low-to-ease-cpi-outlook/

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