Coronavirus affects oil prices

THE rapidly spreading Novel Coronavirus has sparked concern among investors and travellers, resulting in a drop in Brent Crude oil prices.

This has led to a decrease in fuel prices, with both grades of petrol set to go down by 19 cents per litre on Wednesday.

The price of diesel (0.05% sulphur) will decrease by 54 cents per litre and illuminating paraffin by 68 cents.

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‘The main reason for the lower oil prices is because of the continuous spread of the coronavirus in countries outside China,’ the Department of Energy said in a statement.

South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors.

‘The average Brent Crude oil price decreased from 64.24 USD to 55.95 USD per barrel during the period under review.

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