Oil prices are expected to surge upwards after a brief drop this month. However, some businesses in Selebi-Phikwe said they are prepared to lower their prices if suppliers reduced their charges. A snap survey around Selebi-Phikwe shops revealed that prices of basic commodities remained relatively high, driven by previous surreal surge in oil prices.
A manager at Choppies Supermarket said their suppliers have not reduced prices, which meant that their prices remained unchanged. "We are prepared to reduce our prices as soon as suppliers sell at a reduced rate to us. At the moment there is not much we can do until the suppliers respond to the drop in oil prices," the manager said. He said the volume of business had gone down as a result of the high crude oil prices, predicted to hit the US$149 per barrel by the end of the year. The high global fuel prices have sent Botswana's inflation soaring to a record high of 14.5 percent. Daily Needs Supermarket prices have remained unchanged and its manager said there could be changes if the suppliers reduced their charges. "We depend on our suppliers. At the moment they have not indicated anything regarding lowering prices. However, as soon as they reduce their prices, we will be prepared to reciprocate," the manager said, adding that such a development remains unlikely in the immediate future.
