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OPINION | The increase of fuel has a negative impact on the poor

UNDERSTAND THE PETROLEUM ECONOMY

A discussion over the ever increasing fuel costs, the oil and petrol in particular which has a negative impact on the poor and the working class and all of us must be worried especially the commuters like myself.However where I differ with him is when he try to blame president for something beyond his control and even if tomorrow we can have the new president we will still see escalation of fuel costs including paraffin, petrol, oil and diesel. The reason been the fact that the petroleum products are solely the domain of the OPEC (Organisation for petroleum exporting countries), which determines the price of both the Brent and crude oil. We might have countries like Russia, Angola, Saudi Arabia and others that are part of OPEC but no country alone, can determine petroleum products prices in an ever volatile global economy


For example not long ago we were all happy when Russia and the OPEC countries, were saying that they are not going to have increase in the oil prices for the fore seeable future, but now due to unstable global economy we are witnessing the petrol increase. But maybe we must blame global monopoly capital because there is a say which I'm not sure how true it is, that actually the higher oil prices could, however encourage US oil producers to increase production. But I must say Im not wrong to raise the debate but what we can do is not to blame president, but to call for the opening of debate on the fuel levy and research why petrol is much cheaper in Botswana, than SA while both countries are not the OPEC members. Within those words I open the debate on the fuel issue this must also be an opportunity for our comrades to learn about the Repo rate, the indices, stock exchange, the rating agencies and how the global economy operate

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