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

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