Petrol price-up another 28c

[King_Crispy]

Who wants to buy my boat? Its heavier on juice than my Subaru .....

[King_Crispy]

The monthly fuel price change, which can be an increase or a decrease, is solely linked to the import parity of the fuel in question which in turn is determined by daily posted and spot prices in internationally traded markets linked to US$ based crude oil prices, and then converted to Rand using the ZAR/USD exchange rate (known as the Basic Fuel Price and which makes up one of the fuel price components together with other price elements and taxes/duties). Plot the ZAR/bbl price of Brent, lagged by 30 days, and you'll see a near perfect correlation of the direction (up or down) and magnitude of fuel price changes.

 

Nobody, read NOBODY, enjoys subsidies linked to the pump price of fuel, although retail service stations are at liberty to offer discounts for diesel, whereas NOBODY is allowed to discount the pump price of petrol.

 

Also, this news shouldn't come as a shock, as the daily over or under recovery of the Basic Fuel Price is published in the newspapers daily, and the price adjustment is based on the average over/(under) recovery from the 26th of a month to the 25th of the next month, and is adjusted on every first Wednesday of the month. An under-recovery signals a price increase, whereas an over-recover signals a price decrease.

But due to our governments loyalties and greed, SA has not bought a single barrel of oil from any Arab or pom in over 15 years. All our crude is sourced from Africa by Africans. Hells, we are even getting oil from Angola now, and in return we are helping them build refineries for their local consumption

[Minion]

SA has not bought a single barrel of oil from any Arab or pom in over 15 years. All our crude is sourced from Africa by Africans.

Completely, utterly wrong .

 

From the HSRC in 2010:

For South Africa, 64% of the demand for liquid fuels is met from imported crude oil. Eighty-five per- cent of these imports currently come from the Middle East while the remaining 15% is mostly from the African region.

http://www.hsrc.ac.za/HSRC_Review_Article-213.phtml

 

If you must grind some political axe, at least do it using accurate figures.

[flymango]

But due to our governments loyalties and greed, SA has not bought a single barrel of oil from any Arab or pom in over 15 years. All our crude is sourced from Africa by Africans. Hells, we are even getting oil from Angola now, and in return we are helping them build refineries for their local consumption

 

The Basic Fuel Price has nothing to do with the source of crude oil, but rather to do with the import parity formula of refined products, where the latter is set by the level of international crude oil prices and the supply and demand balances of major refining regions of the world. This is one of the reasons why Sasol can make good money when crude oil prices are high because their input cost is linked to relatively low domestic coal prices yet their income stream is linked to global crude oil prices and international refiners' margins.

[TNT1]

You got rid of the wife & kids

 

Still got the kids...