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Husain Mohamed - Radio Islam News - 06.02.2020 

 

South African motorists were given a bit of a breather in February thanks to the ongoing declines in oil prices since the second week of the year. During the opening days of 2020, a rise in tension between Iran and USA ignited a sharp increase in International oil prices, but the commodity bounced back rapidly.

During February, the price of both grades of petrol fell by 13 cents per litre while the prices of different grades of diesel went down 5 cents per litre.  

Experts have warned that February will be an incredibly important month for South Africans, with a number of major economic events on the calendar that will have an impact on the daily lives of millions of South Africans. The biggest of these events will be the State of the nation address which will be held on Thursday 13 February 2020 in Cape Town where President Cyril Ramaphosa will tell South Africa about his plans for the year ahead.

While the fuel price decrease is a bit of good news, Chief executive officer of Debt Review, Neil Roets says it is not a sign of better things to come as South Africans should expect more fuel price increases throughout the rest of the year.

 

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