JOHANNESBURG – South Africans are baulking at the latest petrol price hike, which was announced on Monday, just weeks before Christmas.
On Wednesday, the price of all grades of petrol will go up by 71 cents a litre, taking the price of 95 octane petrol to R14,76 inland and to R14,27 at the coast. This is the fifth consecutive fuel price hike.
But, while the news has put a dampener on festive spirits, South Africa is by far not the country with the highest petrol price.
According to GlobalPetrolPrices.com, richer countries generally have higher fuel prices while poorer countries, as well as those that produce and export oil, have lower prices.
It is clear that localised political and economic crises have an impact. Venezuela’s low oil price is largely due to its economic crisis, which has seen oil production plummet. Norway’s prices are very high because fuel is heavily taxed, but at the same time salaries are also much higher in that country.
In South Africa, fuel costs more because of levies and the dependence on the exchange rate.
Here is a look at what it costs to fill up around the world. Prices vary across regions of a country and the average price is given.