Oil prices are tanking amid worries of a new global banking crisis.
South African motorists could see some petrol price relief in April as global oil prices track lower.
Local fuel prices are tied to two key factors: the rand/dollar exchange rate and the price of oil. Oil prices factor into the cost of international petroleum products in the market, while the rand’s strength determines the cost of importing these products and fuel in general. The price changes are now underpinning a 30 and 80 cents per litre over-recovery in local prices for petrol and diesel, respectively – an over-recovery which could track higher if oil prices continue to weaken.Only 15 years after the Global Financial Crisis, two US banks, Silicon Valley Bank and Signature Bank, imploded – and one bank, First Republic, teetered on the brink of collapse.
While oil prices are currently supportive of lower fuel costs, the rand is still keeping South Africa down.
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