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The price of a barrel of crude oil is a big driver in the increase in the petrol price – it costs almost a third more than it did in 2019 – driven up over the past year because of the war in Ukraine. But it is not the only factor. South Africa buys its oil in US dollars, and since January 2019, the US dollar exchange rate went from R14.9 to the dollar to R18.99 – making the crude oil we buy that much more expensive.
— 14 June, 2023Subscribe to the weekly newsletter for more charts like this
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