South African motorists are facing higher fuel prices in March 2024 compared to the beginning of the year. The increase can be attributed to factors such as geopolitical risks, attacks on oil cargo ships, and the weakened rand. The impact of Houthi attacks on fuel cargo ships and the weakened buying power of the rand have contributed to the price hikes. The Brent Crude oil price has also risen due to the geopolitical risks and attacks on oil cargo ships in the Red Sea stretch.
South Africa n motorists are paying up to R157 more to fill up their tanks in March 2024 than at the start of the year. Several factors contribute to the higher prices, including geopolitical risks , attacks on oil cargo ships in the Red Sea stretch, and the weak rand .
In mid-February 2024, MyBroadband spoke to Automobile Association of South Africa (AA) spokesperson Layton Beard, who said the price hikes seen in February show the impact of Houthi attacks on fuel cargo ships and the weakened buying power of the rand. “The impact of the geopolitical risks and the attacks on oil cargo ships in that Red Sea stretch through the Suez is causing an increase in the Brent Crude oil price,” “Brent increased on average from $77 to $82 a barrel from December to January. When you consider that we buy international oil and every barrel has gone up by $5, that’s a lot of money because we’re talking about billions and billions of barrels.” “So international oil prices have gone u
South Africa Motorists Fuel Prices Geopolitical Risks Attacks Oil Cargo Ships Red Sea Weak Rand Houthi Attacks Brent Crude Oil Price
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