Coronavirus affects oil prices

The price of diesel (0.05% sulphur) will decrease by 54 cents per litre and illuminating paraffin by 68 cents.

The rapidly spreading Novel Coronavirus has sparked concern among investors and travellers, resulting in a drop in Brent Crude oil prices, Zululand Observer reports.

This has led to a decrease in fuel prices, with both grades of petrol set to go down by 19 cents per litre on Wednesday.

The price of diesel (0.05% sulphur) will decrease by 54 cents per litre and illuminating paraffin by 68 cents.

‘The main reason for the lower oil prices is because of the continuous spread of the coronavirus in countries outside China,’ the Department of Energy said in a statement.

South Africa’s fuel prices are adjusted every month, informed by international and local factors.

‘The average Brent Crude oil price decreased from 64.24 USD to 55.95 USD per barrel during the period under review.

 

Read original story on zululandobserver.co.za

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