South Africans need to brace for another significant price jump at the petrol pumps in July as we’re seeing a weakening of the Rand against the US Dollar and further strain on global oil prices. 

JPMorgan Chase, the largest bank in the United States, predicts a further jump to $185 a barrel by the end of 2022 as nations shun Russian oil. About 66% of oil produced by Russia can currently not find a buyer. (The current Brent Crude price as at 15 June is $120 per barrel). 

Dr. Francois Stofberg, a Senior Economist at Efficient Group, says this would result in a direct increase of R5-R7 per litre of oil. 

“You’ll see R4 to R5 increases easily to the petrol price if we reach $185 a barrel, and of course, that would hurt tremendously if you are already R21/R22 where you be paying R25 to R27 that is a 25% additional …