Oil price expected to rise further

The Deputy Director-General for Mineral and Petroleum Regulation, Tseliso Maqubela, says Russia's war in Ukraine is leading to the weaponisation of fuel. #DStv403

JOHANNESBURG - Brace yourself for even higher petrol prices.

The Deputy Director-General for Mineral and Petroleum Regulation, Tseliso Maqubela, says Russia's war in Ukraine is leading to the weaponisation of fuel.

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This coupled with other global factors will be particularly damaging to developing economies.

"All indications are that we are going to face an even greater pain because the oil price is predicted to go to above $130 per barrel," he said.

"Particularly because China is now coming out of lockdown and that is going to have a major impact on all economies, particularly African and other developing economies."

Source
eNCA

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