South Africa worries over petrol and diesel prices in the country.
The rising prices of petrol and diesel in South Africa is enough reason to be worried. A recent report by BusinessTech revealed that the increasing cost is a result of rising oil prices and a weaker Rand. This means the petrol and diesel prices will increase at the pumps in November.
Then again, there is the SA’s lack of refining capabilities which the government has raised concerns over. That, at least, could have given us a buffer at these looming price highs. The article stated that motorists are “in for pain at the pumps next month.”
CEF revealed that all fuel types are showing an under-recovery. Diesel is recording the largest, seeing a possible increase to R1. 60 per liter soon. South Africa is not the only country affected by this. The cost of oil has been a global conversation this year.
A report by Bloomberg revealed that OPEC+ is set to cut as many as two million barrels in production. Of course, this is all as a result of the war in Ukraine. The announcement by OPEC+ is creating significant market uncertainty. The announcement pushed the price of oil to $95 per barrel.
