The decrease in fuel prices for January is as welcome as the increase in December 2021 were unwelcome. But motorists should still try to save petrol as much as possible – and avoid the temptation to buy a big, thirsty vehicle – the petrol price is likely to stay high during 2022. General consensus is that oil prices will remain at current levels for a few months, at best, and then start to increase again.
Read: Fuel inflation the biggest risk in Sarb’s repo rate decision The US Energy Information Administration says in its latest report that Brent crude oil spot prices averaged $81 per barrel in November, a decrease of $3 from October 2021, but a massive $38 higher than in November 2020. “Crude oil prices have risen over the past year as result of steady draws on global oil inventories, which averaged 1.4 million barrels per day during the first three quarters of 2021.
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