War set to push up fuel price

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.geek

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If you don't want the outbreak of war in the Middle East to hit you in your pocket, then get a bicycle - and hang on to your savings.

Economists said while the fighting in Lebanon could contribute to the price of petrol soaring as much as 40c to a record high of over R7 a litre from next month, this is unlikely to have a "meaningful impact" on the price of food in South Africa - for now.

Economist Dawie Roodt predicted the war would have a "mild" effect on the economy and was "unlikely to be a train smash", but acknowledged this depended on "how long this goes on and how severe the inflation can get".
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Source: IOL
 
They gave the go ahead of Israel to continue bombing for another week acc. a news report. Funny that line cause it makes them look like a world authority which they not.

The oil price always confused me, prices go up suddenly in SA at begining of new month yet did they BUY oil at that price? Also don't SA buy ALOT of oil ahead of time? I mean when was it last year maybe where it was said the US had enoough oil for winter, before winter, to not be affected by price increases.. or are we again getting the shaft like with everything. Do we not have oil reserves?
 
They said petrol up and food stays the same. That just shouts horses for all. You can feed your horses instead of buying petrol and also enjoy saving :p
 
krycor said:
The oil price always confused me, prices go up suddenly in SA at begining of new month yet did they BUY oil at that price?
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That's what the slate levy (included in the fuel price) is for. Although, as far as I know it only compensates wholesalers and retailers, not consumers.
Also don't SA buy ALOT of oil ahead of time?
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Used to, not anymore. The new petrol price (BFP instead of IBLC) formula makes it completely unnecessary.
I mean when was it last year maybe where it was said the US had enoough oil for winter, before winter, to not be affected by price increases.. or are we again getting the shaft like with everything. Do we not have oil reserves?
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SA used to have quite large reserves. The SFF tanks at Saldanha can hold 45 million barrels. As far as I know they're empty at the moment. There were also a couple of old mines near Ogies that were used as strategic stockpiles. All the oil in them were sold to Natref.
 
You can get hybrid cars that run off vegitable oil or something like that now
 
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