South African motorists could be in for another petrol price increase after the international price for Brent crude oil increased on Thursday, October 14.
According to reports, the price of Brent crude increased by more than 1 percent of $84 (R1 243) per barrel as shortages of natural gas in Europe and Asia boosted the need for oil. The increase in oil prices also comes after more vaccinated populations are being brought out of coronavirus lockdowns, and economies are opening up again, Business Tech reports.
However, with this global increase in oil prices, motorists in South Africa should expect a significant rise in November.
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Earlier this month the Department of Mineral Resources and Energy (DMRE) said that the price of petrol will be slightly cheaper but diesel users may be feeling the pinch during October. DMRE said reasons for the significant rise has been attributed to the increase in Brent Crude oil and petroleum prices.
In the meantime, analysts have issued a warning that the reopening of international airline travel could also impact oil prices to $100 per barrel which could trigger the next economic crisis, as per IOL.
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