The continuing effects of the great social and economic dislocation of the past two years hit South Africans hard in 2022, with the department of mineral resources & energy announcing that petrol and diesel prices would reach record highs.
Over the past couple of months the spike in fuel prices has been driven, ironically, by the buoyancy of global economies that were slowly recovering from the effects of the pandemic, which had dented demand for oil across the globe. As economic activity recovered, the oil price inched upwards to reflect increased demand. That organic change in fuel prices was unfortunately succeeded by a forced price escalation caused by Russia’s invasion of Ukraine...
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