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oil price
BRICS+ Series: BRICS and the Future of Oil Pricing: Ending the Petrodollar Monopoly
The petrodollar system, which mandates that most oil transactions be made in U. S. dollars, has controlled the world oil market for decades. The dollar's standing as the world's reserve currency has been strengthened by this system, which has given the US a distinct kind of economic hegemony and enabled Washington to exercise considerable financial influence through tools like sanctions. But by lessening their reliance on the dollar, the BRICS countries are actively changing the global energy market.
The alarming 200% increase in petrol prices since 2008: what you need to know
South African fuel prices have skyrocketed by almost 200% since 2008, from R7. 20 to R21. 55 per litre. And it's not only at the pumps where we are feeling this. But what exactly contributes to the price of petrol?