The price of Brent crude oil has gone down globally as most countries have lockdowns as they respond to the global pandemic, Coronavirus. Currently the price of Brent crude oil is below R570, 12 per barrel and this means the petrol price will further decrease as of May, Investec chief economist Annabel Bishop reported. The petrol price may be anticipated to decrease by R2 per litre, Bishop added.
Since the beginning of April, the petrol price had been decreased below R2 by the Department of Energy, this resulted from the Coronavirus and oil price war between Saudi Arabia and Russia.
The demand for oil has massively decreased amid the inactivity of economies due to Covid-19. According to economy reports the global demand for oil has depreciated to about 29 million barrels each day, this figure is compared to the 100 million barrels per day when global economies could still function normally.
On Tuesday, 12 April 2020, the price of WTI and Brent crude oil were recorded as follows:
- WTI - R2, 84 per barrel, increasing by 103%.
- Brent crude - R520, 73 per barrel, increasing by 4, 86%.
Image: George herald
Article by Zukanye Madakana
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