The spike in the fuel price on Wednesday and growing unrest in oil-producing Venezuela have done little to assuage fears that the petrol price is set to continue its upward trajectory for most of this year.
However, economists believe the oil price is unlikely to rise much above $80 a barrel in 2019, and that the fuel price will retreat towards the end of the year. In fact, global estimates indicate an average Brent crude oil price in the mid-$60s for the year.
The price of petrol in South Africa increased last week by 54c per litre while diesel went up by one cent as the oil price neared $75 per barrel as it continued to rise since starting the year at just over $50/barrel.
The inland price of 95 unleaded petrol increased to R16.67 and 93 unleaded to R16.50, while, at the coast, 95 unleaded increased to R16.03 and 93 unleaded to R16.07. The prices continue to edge closer to the October 2018 all-time high of R17.08.
The recent increase wa