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South Africa\u2019s petrol price increased from R7.20 to R21.34 between 2008 and 2025 due to the rand weakening against the US Dollar.<\/p>\n\n\n\n
In January 2008, Thabo Mbeki was South Africa\u2019s president, and Trevor Manuel served as finance minister.<\/p>\n\n\n\n
Under the Mbeki administration, the country experienced years of prosperity, and the government achieved consistent budget surpluses.<\/p>\n\n\n\n
During the first fifteen years of democracy, GDP growth averaged 3.6% per year. It reached a peak of 5.6% in 2006.<\/p>\n\n\n\n
Strong economic growth and a stable government attracted global investors, who pumped money into South Africa.<\/p>\n\n\n\n
The country\u2019s good economic performance helped bolster the local currency, and the rand traded under R7.00 to the US Dollar.<\/p>\n\n\n\n
South African motorists were smiling because the two main aspects influencing fuel prices are the currency and oil prices.<\/p>\n\n\n\n
Although Brent crude traded at $92 per barrel in January 2008, the strong currency means petrol costs R7.20 per litre.<\/p>\n\n\n\n
However, tough times awaited the country. When Jacob Zuma replaced Thabo Mbeki as president, the currency weakened, and economic growth dried up.<\/p>\n\n\n\n
Things did not change much under President Cyril Ramaphosa, and the local currency continued to weaken.<\/p>\n\n\n\n
The rand went from R6.74 against the greenback in January 2008 to R18.77 seventeen years later.<\/p>\n\n\n\n
Even though the price of Brent crude declined from $92 to $72 per barrel over the same period, the petrol price increased significantly due to the currency weakness.<\/p>\n\n\n\n
Higher taxes are another factor contributing to the increase in the price of petrol. During the Zuma years, the fuel levy increased significantly.<\/p>\n\n\n\n
The result was that the petrol price increased from R7.20 in January 2008 to R21.34 in January 2025.<\/p>\n\n\n\n
The charts below show the petrol price increase, the rand exchange rate, and the oil price over the last seventeen years.<\/p>\n\n\n\n
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