Fuel up by 20thebe
Wednesday, November 01, 2017
Economic analyst, Moemedi Mosele said the increase in retail pump prices has been expected due to the steady rise of global oil prices throughout the year.
“Since OPEC {the Organisation of Petroleum Exporting Countries} announced that it would trim production by 1.2 million barrels a day to 32.5 million, it was clear that global oil prices would rise, as they have been hovering above $50 per barrel throughout the year,” he said.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...