Motorists To Dig deeper Into Their Pockets As Fuel Prices Hike

By  |  October 1, 2019

South Africa’s Department of Energy has announced that the price of 95 octane petrol will increase by 18 cents per litre effective midnight of Wednesday, 2 October.

Diesel and Illuminating paraffin will increase by 25 cents a litre while Octane 98 will drop by 4 cents per litre.

October is the eighth consecutive month fuel prices are hiked since the beginning of the year.

New fuel prices are announced on a monthly basis, informed by different international and local factors including global supply and demand.

Fuel prices are incredibly unstable, altering quickly in response to news periods, policy adjustments and fluctuations in the world’s markets.

Cross-Border Money Transfer In Africa: Is Bitcoin The Golden Silver Bullet?

 image

The Energy Department cited the Saudi Arabia attack as the reason why the fuel prices are going up.

“Had it not been for the stronger rand during this period, the impact of the attacks on Saudi facilities on prices would have been more severe,” Gwede Mantashe, the minister responsible for mining and energy said.

Energy Department’s Robert Maake said things could get worse over the next few months if retaliation attacks are plotted. “If they decide to revenge on whoever who attacked them, then it could lead to another hike in the crude oil price and affect us negatively.”

On Sept. 14, the world received news that Saudi Arabia’s oil infrastructure suffered one of the biggest blow after its critical processing facilities were attacked.

The Saudi oil attacks led to the biggest spurt in global prices since 1988.

Two sites were damaged by the attack decreasing Saudi Arabia’s oil production by 5.7 million barrels a day, from approximately 9.8 million. It was one of the largest disruptions to the oil market ever.

Featured Image Courtesy: Twitter

Journalism is broken in Africa


Help us build a narrative on African Business, Startups, Tech and Economy
Join us today to empower great story telling, one story at a time

Monthly Membership

$10

(billed monthly)

Access To 1 Month WT Membership

Access To Premium Newsletters For 1 Month

1 Month Access To WT's Content Archive

Access To WT's Conferences & Events

Access To All WT's Research Reports On Africa

Access To Podcasts, Video Content & Recordings

Subscribe Now
Popular

Annual Membership

$60

(billed annually)

Access To 12-Month WT Membership

Access To WT's Conferences & Events

Access To All WT's Research Reports On Africa

Access To Podcasts, Video Content & Recordings

Access To All Premium Newsletters

Unlimited Access To WT's Content Archive

Subscribe Now

If you are a Corporate or a Student, please reach out to us for subscription at [email protected]