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Kganyago: Slight increase in fuel prices for October

Lesetja Kganyago says the SA Reserve Bank has noted the recent fuel price increases and their impact on inflation.

Petrol pumps. Picture: EWN.

JOHANNESBURG - Reserve Bank Governor Lesetja Kganyago says there should be a slight increase in fuel prices in October but prices are not expected to rise sharply in the near term.

He has announced that the repo rate will remain unchanged at 6.75%.

Kganyago says the Reserve Bank has noted the recent fuel price increases and their impact on inflation but says that US shale stocks will limit more significant increases.

“The domestic price of 95 octane petrol has increased by an accumulative 86 cents per litre since August, mainly due to higher international product prices.”

He says the sharp rise in the cost of Brent crude contributed to this.

“International oil prices have increased nearly $5/barrel since the previous meeting, with Brent crude oil currently trading at around $55/barrel.”

(Edited by Zamangwane Shange)