Wednesday, 5th September 2007 at 1:31 pm by Rander
Oil price up - Petrol price down

The price of a barrel of oil rose to over $75 today, this is on the back of hurricane Felix hitting Central America. Although the hurricane did not hit the major oil and gas infrastructure in the Gulf of Mexico, fears are still there as the hurricane season is set to intensify according to a US hurrican expert.

With this in mind it seems like the world oil prices are set to keep on rising. At midnight yesterday the price of petrol in South Africa dropped by 10 cents a litre and diesel went up by 5 cents a litre. It could mean that this decrease in petrol prices in South Africa could be short lived if the world oil prices keep on rising.

So after welcoming the petrol price drop yesterday, lets not get too carried away, it looks like they could be going back up again.




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Comments

SL 63 AMG on 5 September, 2007 at 3:38 pm #

We also must not forget what happens to the strength of the rand. It had somewhat strengthened in the last couple of days, getting to the 7.10 mark, but seems to be weakening again. It will be interesting to see what the impact of Anglo deal will have on the rand; obviosuly taking into account if the USD flows will find their way into the SA economy.


Rob Harvey on 7 September, 2007 at 8:33 am #

We should also not forget the effect higher wage demands are having on the SA economy. Everyone seems to want their wages and salaries increased which will in turn increase prices and thus higher inflation. I see a no win situation here.


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