US dollar strength threatens pump price recovery

Monday, October 03, 2022 | 960 Views |

Unsteady times: The recent reduction in global crude prices
could be undone by the stronger US dollar PIC: MORERI SEJAKGOMO

The United States dollar’s record strength against the pula this month, is threatening to undo the improvement in local retail pump prices, which were recently decreased due to lower costs of global crude oil.

On Wednesday the dollar, the currency in which global oil is transacted, reached P13.42 according to the Bank of Botswana website, possibly an all-time high according to available records.

The peak came after weeks of strengthening during which the US dollar has frequently traded above P13 to the pula.

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