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Pump prices of fuel went up at midnight PIC: MORERI SEJAKGOMO
Pump prices of fuel went up at midnight PIC: MORERI SEJAKGOMO

The rise in international crude oil prices and refined product prices have compelled government to increase retail pump prices for petrol, diesel and illuminating paraffin effective today.

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.

Editor's Comment
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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...

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