R40 per litre petrol? Oil taps likely to open before that, say economists

South Africans should avoid going into a panic over suggestions that the petrol price could go as high as R40 per litre, as some economist economists believe supplies of oil will stabilise long before the dreaded $200 forecasted oil price is reached. As of Monday, the oil price was at a very high $130 per barrel, and while oil traders have predicted this to increase to $200 by the end of the March, there were also predictions that motorists would have to fork a hefty R40 per litre on petrol. While these forecasts have been making headlines in worst-case-scenario speculations…

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