The war in the Middle East is likely to see oil prices surge, which will heavily affect South Africans.
Much of South Africa’s fuel supply comes from the Gulf region and the United Arab Emirates (UAE). To make matters worse, the DA spokesperson on mineral and petroleum resources, James Lorimer, said the country’s supplies are “vulnerable”.
It could even lead to a fuel shortage in South Africa.
Organisation Undoing Tax Abuse CEO Wayne Duvenage said rising oil prices could significantly increase petrol prices.
“About 45% of our petrol price is made up of taxes and levies. The basic fuel price is around 43% and is based on the oil price and the rand-dollar exchange rate,” he said.
Also, Motor Industry Staff Association (Misa) chief executive officer of operations Martlé Keyter said the association was concerned about the possibility of another fuel price increase as a result of the conflict in Iran.
READ NEXT: Petrol-shedding ahead? Middle East war may lead to a fuel shortage in SA
About the Author
