Addressing the continued fuel price hikes,Ramaphosa says South Africa fuel hikes are due to the Rand-Dollar exchange rate and rising global oil prices.
“South Africa is in an unfortunate position in that we import our energy resource,which is oil.So we are in the end,subject to the free fluctuations that keep on happening on a dollar exchange basis as well as the price of oil itself”.
However this is far from the truth.From mid 2014 ,oil production was surpassing demand and oil prices began from that year to tumble from the global fixed trading price of $100 a barrel regulation to below $50 a barrel.As of 2018 oil prices are hovering slightly below $62 a barrel,meaning oil is still much cheaper than prior to 2014 at $100 a barrel.
By June 2016 the Rand was weak,trading at around R16-17 to the dollar,yet the local petrol Price was much cheaper still, and by JUNE 2017,Petrol price dropped by 25c a litre for both 95 and 93 octane and by that time we had a stronger Rand at exchange rate of R13.06 to a dollar, the same rate close to what we are currently at,with the Rand trading at R13.57 to a dollar,moreover by MARCH & JUNE 2017 we had a Petrol drop,while for the same exchange rate in 2018 we already had two petrol hikes as of January to July period.
Worse our neighbouring countries with the lowest currency to the Zar/$ are still selling petrol at a lower price compared to south Africa at R15.20 to R15.79 a litre..This exorbitant petrol hikes are nothing but another ANC strategy of stealing money from the Tax Payer to possibly fund the 2019 Election campaign, the same way the former energy Minister Tina Joemat Peterson,with instructions from Luthuli House,unlawfully sold our oil reserves,with profits of the sales channelled to the disastrous 2016 ANC election campaign.Its time this corrupt ANC regime is removed from power come 2019!