Business

South Africa's department of trade, industry and competition on Thursday clarified that despite the closure of general businesses during a 21-day national lockdown to grapple with Covid-19, shops selling products for babies and toddlers were allowed to trade.

It may come as little relief right now with South Africa’s population of 59 million under a Covid-19 lockdown, but motorists will see a record drop in fuel prices on Wednesday.

Rating agency Moody's has cut South Africa's sovereign credit rating to subinvestment grade, meaning the country now has a junk rating from all three major international rating agencies.

Thousands of smokers in South Africa were shocked to learn that their cigarettes were not considered an essential item.

South Africans will see the largest fuel price decreases on record at the end of March. This is according to the Automobile Association (AA), which was commenting on unaudited month-end fuel price data released by the Central Energy Fund.

Takealot says they will be available during the lockdown period to supply South Africans with essential goods they have on offer.

Government has imposed regulations that will limit unjustified price hikes and product stockpiling, to protect consumers, as the number of COVID-19 pandemic cases rises to 150. The regulations, announced by Trade, Industry and Competition Minister Ebrahim Patel deal with pricing matters during the national disaster.

Retail group Massmart said on Thursday it had decided to close its non-performing stores after extensive consultations with affected employees, labour unions and other relevant stakeholders under the guidance of the Commission for Conciliation, Mediation and Arbitration (CCMA).

The Automobile Association of South Africa says the stage is set for large reductions in the fuel price at the end of the month. The AA says Rand weakness against the US dollar has paled into insignificance against the fuel price bonanza caused by the massive retreat of international petroleum prices as a result of the Coronavirus.