International trade has started to recover from the Covid-19 pandemic. The recovery in international trade in 2021 was largely due to increased commodity prices, subsiding pandemic restrictions and a strong recovery in demand due to economic stimulus packages across many economies.
Petrol prices in South Africa have been at an all-time record high, proving to have devastating effects on consumers, but most notably on the pressure on prices across the economy. Crude oil prices have dipped below $100/barrel and are trading at around $95/barrel, and have been falling from the high of $123/barrel the global economy experienced in March 2022, yet South African prices for finished petrol and diesel and products remain high.
And, simultaneously, we must invest in exploration and drilling for oil and gas discoveries that have been made on our shores. Those are the two main long-term sustainable solutions. Fossil fuel-powered transport systems are still around and will continue to be around for the foreseeable future.
We also wouldn't have any import costs and fewer transportation costs. South Africa currently has a demand of about 720 000 barrels per day for crude oil and previously had local capacity to refine about 713 000 barrels per day through SAPREF, PetroSA, Natref, Astron, Secunda and Engen. For example, Saudi Arabia developed its crude oil reserves and is leading with refinery capacity, they refine about 5 million barrels of crude oil per day both domestically and abroad in offshore investments and about 3 million barrels per day domestically. The price of Petrol in Saudi Arabia is about $0.62/litre compared to South Africas R26.
But not controlled by govt… they can’t do anything properly
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: News24 - 🏆 4. / 80 Read more »