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Brent crude oil price hits $80 per barrel

There are concerns that higher fuel prices will see an increase in inflation as the cost of goods will be far more expensive when transported from the coast to inland.

 Image: Public Domain.

JOHANNESBURG - As South Africans brace themselves for more fuel price hikes, the price of Brent crude oil has hit $80 a barrel, the first time since 2014.

Rising oil prices and a weak rand have raised concerns of more fuel price hikes with the AA calculating that petrol could increase by 74 cents a litre next month and diesel by 81 cents.

Traders say the price of Brent crude has risen due to fallen US crude inventories. Added to this, renewed sanctions against Iran also looks set to impact on oil prices.

Analysts say the glut that saw prices drop over the past three years has finally been eliminated which has now seen prices rise.

There are concerns that higher fuel prices will see an increase in inflation as the cost of goods will be far more expensive when being transported from the coast to inland.

Inflation has seen a steady decrease over the past few months, but there are now concerns that this trend may change.

(Edited by Thapelo Lekabe)

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