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FEATURE: Petrol prices remain low in Angola as SA prices rise
By Molaole Montsho
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RUSTENBURG, August 3 (ANA) - Angola remains the only African country where petrol prices are low, whereas the Central African Republic is expensive, according to data from GlobalPetrolPrices.com.
Angola is ranked first in Africa and third in the world out of 167 countries where petrol prices are cheap.
South African petrol and diesel prices are set to increase again in August, while in neighbouring Namibia prices will remain unchanged.
Petrol prices in South Africa are affected by the rand/dollar exchange rate, as well as changes to international petroleum product costs.
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Petrol and diesel prices increased by 40c/liter namibtimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from namibtimes.net Daily Mail and Mail on Sunday newspapers.
The Ministry of Mines and Energy’s announcement this week that fuel prices remain unchanged for the month of May has good economic reasoning behind it.
In a statement the ministry said the demand for oil on the global market plummeted in recent days, as new waves of Covid-19 lockdowns took effect in India and Japan, respectively the third and fourth largest oil consumers after the United States and China. Lockdowns means less economic activities and therefore a reduced demand for fuel like petrol, diesel and aviation fuel.
With the global demand for crude oil dwindling, fuel producers could get their hands on cheaper crude oil and produce fuels at lower prices.