Oil price expected to rise further

Johannesburg – Brace yourself for even higher petrol prices.

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

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,” said Maqubela.

“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.”