Reitumetse Makwea
3 minute read
16 Feb 2022
5:16 am

Ukraine-Russia tensions could see petrol price hike

Reitumetse Makwea

The fact that there might be sanctions against Russia would destabilise markets, due to the feasible speculation, says expert.

General picture of fuel and petrol station in Edenvale, 21 January 2021. Picture: Picture: Neil McCartney

The rising tension between Russia and Ukraine could see already high oil and natural gas prices rise further around the world, with South Africa reaching record highs of more than R20 per litre of petrol despite a decrease in fuel prices in January. According to political economy analyst Piet Croucamp, while oil and gas prices have been marching upward for months this particular increase would not be because of the rand, but generally due to the instability which could potentially spill over into markets. “The rand is relatively stable, which means it’s not leading to the petrol price increase. This...