According to a media statement by the minister, the adjustment of fuel prices is based on current local and international factors. , informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g., shipping costs.
Crude oil prices – The average Brent Crude oil price increased from 84.22 US Dollars to 88.10 USD. This is per barrel, during the period under review. There was a lot of volatility in the market during this period. The main contributing factor is the growing geopolitical tensions in the Middle East. And sustained production cuts by OPEC+ countries.
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