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Fuel Price Hike Affected By Saudi Oil Attacks

Fuel price 1 e1539675228505 - Fuel Price Hike Affected By Saudi Oil Attacks

The Department of Energy said the fuel price could continue to climb if attacks on oil facilities in Saudi Arabia intensified.

The department announced on Sunday that from Wednesday, motorists would have to fork out 18 cents more for a litre of 95 octane petrol and 25 cents more for diesel.

However, 93 octane would decrease by 4 cents.

This was the eighth consecutive hike since the beginning of the year.

The Energy Department’s Robert Maake said strikes on Saudi Arabia’s oil facilities had a major effect on oil prices.

He said it could get worse over the next few months.

“If they decide to revenge on whoever who attacked them, then it could lead to another hike in the crude oil price and affect us negatively.”

Maake said the decrease in 93 octane was because it was in lower demand.

He said the slate levy, which was dependent on the money the department had in its slate account, would remain at 0% per liter for now.

EWN

The post Fuel Price Hike Affected By Saudi Oil Attacks appeared first on iAfrica.com.

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