![]() Record-high fuel prices in South Africa Orlik (2022) states that South Africa has faced one of its toughest economic slumps, due to the COVID-19 pandemic. Lockdown restrictions had a massive impact on the economy of the country. Many consumers are still facing the financial impact and struggling to keep head above water. South Africa has also seen fuel prices hit a record-high in the first six months of 2022. Fuel prices are mainly affected by two components (BusinessTech, 2022): 1. The rand/dollar exchange rate 2. Changes to the costs of international petroleum products, primarily driven by oil prices Russia’s invasion of Ukraine has a massive impact on the fuel price increase as well. According to André Thomashausen, an emeritus professor of international law at Unisa, fuel prices could continue to rise to over R40 per litre, in the worst-case scenario (Prior, 2022). On top of this, consumers also must pay more for public transport, food and other services, all affected by the increase in fuel price. Consumer are facing even more pressure to survive in trying times. 10 tips to help your tank last longer There must surely be ways to save fuel during these tough economic times with fuel prices continuing to rise. Saving fuel is something we can all benefit from. After all, who would not want their tank of fuel to last longer? Vitality Drive helps clients save on fuel Click here to read more
If you would like to Apply for Vitality Drive or Do a comparative quote contact Ed in our Short-term department email: [email protected] tel (011)658-1333 Source: Discovery Insure
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The blog content you shared sheds light on the challenges faced by South Africa due to record-high fuel prices, exacerbated by the economic impact of the COVID-19 pandemic and external factors such as the rand/dollar exchange rate and changes in international petroleum product costs. The discussion on the impact of Russia's invasion of Ukraine further underscores the complexity of the fuel price increase, with projections of prices potentially exceeding R40 per litre.
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