So the price of petrol in South Africa is going up again tonight.
And no longer are the increases by one or two cents as they used to be about two decades ago; it is jumping up 28c per litre even though there was price hike just last month.
This means that the price of petrol (in Gauteng) will now cost a record R11.23 a litre. And it doesn’t look like it will stop there: indications are that there will be another huge increase next month, most likely by 28c again.
Petrol prices are usually linked to oil prices, so as the price of oil goes up or down so doesthat of petrol. But the current price of oil is still quite a bit below 2008’s prices.
How does the Price of Oil Affect Me?
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So transport is the key here, because if something becomes more, or less, expensive to transport then it will undoubtedly affect the price of that merchandise or service.
Crude oil is priced in dollars, so if a developing country’s currency decreases, the price of oil automatically increases putting that country under more pressure, and inflating its prices on all other goods.