Faizel Patel, Radio Islam News - 27-09-2019
South Africans are expected to feel the pinch of the Saudi oil attacks with a possible hike in the price of petrol from October.
The Automobile Association (AA) has urged motorists to prepare themselves for an increase next week.
The AA’s Layton Beard says this is owing to the oil strike in Saudi Arabia.
“South African fuel prices are set to climb in October in the wake of the drone attacks on the oil refinery in Saud Arabia. The current picture predicts an increase around 19 cents per litre for 95 octane with diesel set to rise by 25 cents per litre. 93 Octane petrol is bucking the trend and we are expecting a decline of around 4 cents a litre there.”
The strike on the heartland of Saudi Arabia’s oil industry, including damage to the world’s biggest petroleum-processing facility, drove oil prices to their highest level in nearly four months.
It not only knocked out over half of the country’s production, it also removed almost all the spare capacity available to compensate for any major disruption in oil supplies worldwide.
While Iran has been widely blamed for the attacks on the Saudi oil facilities, it maintains that it was not involved.