Prices of Brent crude oil, an international benchmark, have stabilised since the spike caused by Russia’s invasion of Ukraine in February 2022.
In August 2024, a barrel of Brent crude oil cost an average of $84, down from a peak average of $116 in July 2022, according to the department of mineral resources and energy.
Brent crude oil cost an average of $64 a barrel in 2019. Fears of oil shortages and sanctions against Russia pushed crude oil prices up from February 2022.
The fluctuating Brent crude oil price affects the cost of fuel in South Africa, where the basic fuel price makes up half the petrol price. The cost of a litre of 95 octane petrol in SA in August 2024 is R23.11, nearly R4 more expensive than it was pre-invasion (R19.61 in January 2022).
South Africa primarily imports Brent crude oil from Angola, Nigeria and Saudi Arabia.