Despair for motorists as fuel prices predicted to increase again
Fuel price predictions spell disaster for motorists, with yet another round of increases since the start of the US war with Iran.
A MONTH of smiles for slowly normalising fuel prices is expected to turn to a familiar frown as predictions point to increases in both petrol and diesel in September.
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A recent snapshot from the Central Energy Fund (CEF) points to steep diesel price increases while petrol price predictions point to a less severe hike. If current trends persist, however, these are likely to grow by the time the official price announcement arrives at month-end.
Extreme volatility in international oil market
Since the US and Israel war with Iran began earlier in the year, with the Strait of Hormuz passage closed off for most of the year to shipping traffic, international oil markets have been volatile.
Prices of Brent crude oil barrels were around $70 a barrel before the war. Now, they have settled at around $90 per barrel.
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