Most weekend papers ran with stories about how the tough times were now upon consumers in South Africa and that we should brace for the possibility of paying R16 for a litre of petrol in the near future. With the ever rising world oil prices the future is not looking great.

On Friday, the price of oil hit a record of almost $139 a barrel. Some analysts predict that the price could reach $150 as soon as July this year. The oil price continues to rise due to concerns of supply not meeting the demand and the continual political tension in the Middle East. With that said, there has been speculation that the price of oil could even reach the $200 mark by the end of this year. If the price reaches $200 a barrel then we could easily be paying R16 a litre by then. Read the rest of this entry »