Dr Dale McKinley talks about how the ongoing conflict between Ukraine and Russia has a direct hit on South Africa.
Motorists rushed to the fuel pump last night to fill up as the record high of more than one rand kicked in.
Both grades of petrol increased by R1.46 a litre, with Diesel going up by between R1.44 and R1.48 a litre.
Bongani Bingwa speaks to political economist Dr Dale McKinley about how the ongoing conflict between Ukraine and Russia has a direct hit on South Africa.
We are dependent largely on oil imports, fossil fuels and like many other countries in the world when there is volatility in the market which of course the Ukraine-Russia war has created the prices are going to go up.
Dr Dale McKinley, Political Economist
It’s not just at the fuel pump that we are going to feel immediately, there is also a huge range of knock-on effects, it goes across the board and it hits the consumer very hard.
Dr Dale McKinley, Political Economist
It seems like we are far away from this political war in Europe, economically it’s a global issue and particularly for South Africa it’s going to hit us very hard and it’s going to hit most obviously those who are at least unable to afford it.
Dr Dale McKinley, Political Economist
Listen to the full interview below:
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