Petrol Price In Gold Terms

The petrol price is going up another 93c to R11.97 per litre (inland 95 grade) on September 5, an increase of 8.3%. The petrol price is up from +-R3 per litre in 2002.

This is not owed to higher petrol prices, but a much weaker Rand, caused by the Reserve Bank.

In hard currency terms, the price of petrol is unchanged since 2002. 7/100ths of an ounce of gold could buy you a barrel of crude oil in 2002. 7/100ths of an ounce of gold today still buys you a barrel of oil.

Chart.