On Sunday, the 31st of March 2019, the energy department of South Africa had made a statement saying that the retail price of petrol in South African would be rising more than 9 percent from April 3rd, whole the price of wholesale diesel would rise up to 6 percent.
The news came as a shock to many, as the event would be marking the country’s largest petroleum price surge in years. The price of petrol would be rising to $1.11 (16.13 rand) per liter in the commercial center of Gauteng province, while the diesel prices would rise to 14.87 rand per liter.
Following the reveal of the surprising petroleum price hike, South African Minister of Energy Jeff Radabe had been quoted saying later on Sunday (March 31st) that the sharp upsurge of the oil prices had been due to a higher road and fuel taxes announced in February budget.
Besides, a rising oil price had been contributing to a much-higher oil price over the nation and analysts were expecting further raise in the petroleum price over the upcoming months, as Omani Oil Minister, Mohammed bin Hamad al-Rumhy told on Saturday (March 30th) that the global oil price would remain range-bound between $65-$75 per barrel until the end of 2019, while Saudi had been pushing for a crude oil price of at least $70 per barrel to support its over-inflated budget.