The petrol price puzzle
14 January 2016 - 02:10
Oil prices are at their lowest in 12 years, but our rand is not performing well. In January 2004 oil cost $37.66 a barrel, now it costs only $30.44, so the price should have come down a bit, right? Well, in 2004 the rand/dollar exchange rate was R6.73:$1. It is now fluctuating around R16.39, meaning a barrel of oil now costs R498.
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