Tuesday, May 24th, 2022

Gwede Mantashe, Russia invasion threatens African economy.

Gwede Mantashe, Russia invasion threatens African economy.

South African Minister of Mineral Resources and Energy, Gwede Mantashe, states that the Russian invasion of Ukraine threatens already battered economics in Africa and will affect the development Africa wants. Gwede Mantashe speaks on the African energy sector. The minister who was present at the three-day conference taking place alongside an energy exhibition, talk through

South African Minister of Mineral Resources and Energy, Gwede Mantashe, states that the Russian invasion of Ukraine threatens already battered economics in Africa and will affect the development Africa wants.

Gwede Mantashe speaks on the African energy sector.

The minister who was present at the three-day conference taking place alongside an energy exhibition, talk through key issues impacting the African energy sector. He stated the swell of crude oil prices through 100 U.S. dollars per barrel following the Russia-Ukraine crisis reflects in the pump price in Africa, as the continent has to import oil.

Minister Mantashe disclosed this at the ongoing Africa Energy Indaba Conference in Cape Town, South Africa.

According to the minister, “When it is shooting up because of the conflict somewhere in Ukraine, we pay for the price in the pump,

The present situation, therefore, is affecting us directly. Of immediate effect is the rise of the price of the crude oil that translates into severely high fuel prices of our individual countries,” he added.

Recalling that the minister had disclosed on Friday the rise in the fuel prices in his country, based on local and international factors, including the increase of the crude oil price will take effect on March 2.

The Automobile Association of South Africa stated the massive fuel price increases would have a sharp and immediate effect on the poor and a long-term impact on inflation. It states,  95 octane petrol in the inland area was expected to rise above 21 rands (about 1.4 dollars) a liter for the first time in history.

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