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OIL price surge & how can the country mitigate that problem.

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[SOURCE:IOL NEWS]
MINERALS Resources Minister Gwede Mantashe has shot down suggestions that South Africa should approach Russia and negotiate a deal to buy oil directly from them as a means of mitigating sky-rocketing fuel prices in the country.

South Africa is currently grappling with record fuel price hikes as the elevated global price of Brent crude oil reached 14-year highs this month following sanctions by Western countries on Russian oil.

Briefing Parliament yesterday, Mantashe said that South Africa would not follow their BRICS partners’ forays in seeking deals with Russia, but allow market forces to dictate.

17 Mar 2022 4AM English South Africa Business News · Investing

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