Industry revenue of “retail sale of automotive fuel“ in South Africa 2011-2023

Revenues from the retail sale of automotive fuel in South Africa are projected to grow only marginally from 14 billion U.S. dollars in 2017 to 15 billion U.S. dollars by 2023. One of the main reasons for this is the falling demand for passenger cars, owing to growing car price inflation and an overall increase in unemployment levels which have risen 14 percent in the decade leading up to 2019. Additionally, fuel prices in the country are comparatively higher than most other nations, which has further impacted sales. In the fourth quarter of 2019, a litre gasoline was priced at 4.29 U.S. dollars, 1.5 times higher compared to the price in the U.S. and Russia.

Petrol prices set for a massive slump

The outbreak of the Covid-19 virus has had a devastating impact on the oil market, as prices have plunged to a decade low. As the nation-wide lockdown ends in April, industry experts believe that petrol prices could reduce by as much as 4 ZAR a litre. This might help drive vehicle sales in the medium term, which have currently witnessed a 35 percent year-over-year decline as of March 2020.

Industry revenue of “retail sale of automotive fuel“ in South Africa from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (ZAR -> USD) = 0.076

The industry classification is based on the SIC - system in South Africa. The industry “retail sale of automotive fuel“ has the code “6350“.

Details on the methodology can be found here.

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