South Africans should not point fingers at the OPEC oil cartel for bringing pain at the pumps. They should look closer to home.
South Africa’s petrol and diesel prices have increased substantially over the past decade despite a sharp decline in the price of oil over the period.
MyBroadband analysed the retail prices of petrol and wholesale prices of diesel in South Africa over the past ten years to see how much more motorists were paying to fill up.It was interesting to note that all fuel prices declined slightly between May 2014 and May 2016. Thereafter, they gradually increased year-on-year up to May 2019.Many governments enforced lockdowns that limited people’s movements and caused a widespread slowdown in some business activities.
Oil is the primary ingredient in petrol and diesel, and oil barrels are often sold with US dollar prices. Had the rand remained at roughly the same exchange rate to the dollar as ten years ago, South Africans could have been paying less for fuel.
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