Forecasters now expect a March petrol price increase in South Africa of between R1.20 and R1.30 per litre, with the price in Namibia also expected to rise considerably. This, Business Insider reports, as worst-case forecasts for a European war following Russia’s invasion of Ukraine have put the potential price of oil as high as $140. US President Joe Biden has said though that the United States was working with other countries to release oil from strategic reserves when required, in a seeming plan to actively manage the oil market and put a cap on prices.
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