Petrol Price Increase (Sept 2019)
The rand has been getting weaker and this means that the price of petrol (Brent crude actually), which is traded in US Dollars is going up. This is the case even though the overall price of Brent crude has actually dropped a little recently but the Rands fall from around R14 to a Dollar to over R15 to a Dollar negates any drop in the crude oil price.
As the Rand goes down so the price of fuel is pushed up by suppliers so, this means that as of midweek this week petrol is increasing by about 11 cents per litre (for both 93 & 95). Diesel users will feel a bit more of a pinch as the cost of diesel is set to go up by 24 cents.
Petrol +11 cents
Diesel + 24 cents
Why is it called ‘Brent’ crude?
Wondering why it is called Brent crude oil? Is this guy, Brent, in charge of all the oil in the world or something? No.
‘Is this guy, Brent, in charge of all the oil in the world or something?’
Brent crude oil originally came from the “Brent” oilfield run by Shell, who at the time were naming various oilfields after birds such as the Brent Goose.
Brent, however, does have a hidden Acronym in its name for the various layers of an oil field:
And that is something you will never need to remember ever again.