Fuel prices in South Africa are not coming down anytime soon as the war between Russia and Ukraine is still ongoing. As a result, South Africa is seeing another price increase that takes effect at midnight today, the 1st of March.
Fuel prices increase as a result of the war between Russia and Ukraine
As an economy that depends on imported goods on a large basis, South Africa is having to increase their petrol prices. However, petrol prices are not the only thing going up. The price for tariffs has also gone up by 9 percent.
With the war between Ukraine and Russia still taking flight, South Africa the oil prices have taken a high spike internationally. Had it not been for the rand strengthening against the dollar this week, the prices would have been much higher.
The Russian ruble worth less than 1 cent in US currency
As for Russia, the Russian ruble has since been seen as worth less than 1 cent in the US currency. This comes after heavy sanctions have been put on Russia for its attack on Ukraine. Presently, it has been reported that Russia sent out vacuum bombs on a pre-school in northeast Ukraine.
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The price hike is seen to be going up by R1.45 as of midnight today. As reported by East Coast Radio, the fuel price increase will go towards road infrastructure in South Africa. Since South Africa relies largely depends on imported goods, it is no surprise that the economy is affected as a result thereof.
Now, South Africa does not have any direct relations with Russia or Ukraine. But anything that happens internationally can affect countries on a local basis in some ways. In this case, the fuel price increase has taken a spike.
