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Expect hike in fuel price, Kganyago tells motorists

Lesetja Kganyago says despite the price of Brent crude oil stabilising, motorists can expect another fuel price increase next month.

Picture: Supplied

JOHANNESBURG - Reserve Bank Governor Lesetja Kganyago says despite the price of Brent crude oil stabilising, motorists can expect another fuel price increase next month.

He has announced that the repo rate will remain unchanged at 7%.

Kganyago has revised also revised the country's growth outlook to 1.1% for this year as the overall outlook remains weak.

But he says despite this, there a number of positive factors with inflation set to decrease later this year.

“Inflation expectation as reflected in the survey conducted by Bureau for Economic Research during the fourth quarter of 2016 showed average inflation expectations for 2017 declining from 6% in the fourth quarter to 5.8%.”

He says added to this the rand remains in a strong position.

“Since the previous meeting, the rand has appreciated by 5.6% against the US dollar and by 4.2% on a trade-weighted bases.”

WATCH: Reserve Bank hopeful for changes to leaked Absa report

(Edited by Zamangwane Shange)