Gayton McKenzie accused of not understanding fashion industry after his meeting with Shein
Fashion designer David Tlale said he doesn’t think Gayton McKenzie understands the complexities of the clothing and textile industry.
Petrol prices will rise slightly on the back of elevated oil prices, while diesel prices will come down as supply-side pressures are eased in Europe and North America.
A strengthening rand versus the dollar was not enough to offset the rise in oil prices and result in a sharper decline in diesel prices.
The following changes to the price of various fuel types for October were announced by the department –
- Petrol 93 – increase of 1 cent per litre
- Petrol 95 – increase of 8 cents per litre
- Diesel 0.05% – decrease of 10 cents per litre
- Diesel 0.005% – decrease of 8 cents per litre
A rise in oil prices was driven by stronger-than-expected economic growth in the United States and increased geopolitical risks.
Continued tension in the Middle East and renewed intensity from Russia in Ukraine increased fears of significant disruptions to the supply of oil.
The impact of the geopolitical risks outweighs the OPEC+ recent announcement to increase production in October, which could ultimately lead to increased supply and lower prices.
In particular, the likelihood of more severe sanctions on Russia from the West may result in disrupted global supply as China and India continue to consume significant amounts of Russian oil.
If they are forced to find oil elsewhere, it may cause a momentary uptick in prices before increased production from OPEC can make up for reduced supply from Russia.
On the other hand, the rand has continued its strong run against the US dollar, with it strengthening by over 1% against the greenback over the past month.
This is largely due to renewed dollar weakness on the back of growing concern in the fiscal health of the United States, elevated uncertainty, and Trump’s attacks on the Federal Reserve.
While the rand has had a strong run so far in 2025, and this is likely to continue given the rise in commodity prices, there are some clouds on the horizon.
South Africa’s current account deficit widened in the latest reading from the Reserve Bank, indicating continued export weakness and greater reliance on imports.
While the deficit is still small at around 1% of GDP, if it continues to widen, then it could have a substantial impact on the value of the rand.
Issued on Daily Investor by Shaun Jacobs | https://dailyinvestor.com/energy/103603/petrol-price-changes-announced-for-south-africa/
