Be prepared for OBITUARY continued fuel price rise

All indications are that the fuel price will continue to rise as tensions in the Middle East and North Africa continue to drive up the cost of oil, economist Ulrich Joubert said. “It is very difficult to predict what the price of oil is going to be in six months’ time and at most it is a thumb-suck,” he told FTW. “Indications are that unless the tension and political uncertainty in the Middle East and northern Africa come to an end we can see the price of oil remaining in the region of $110 per barrel if not more.” He said with no sign of the unrest ending economists were assuming that in the long term it would be more expensive to keep the world economy’s wheels moving and the price of oil would increase. “In South Africa we have seen the strength of the rand affecting the economy and the fuel price,” said Joubert. “While it has not been felt as badly as elsewhere in the world we don’t see the cost of energy or fuel decreasing all that much. At best we could probably see the price of oil decrease to $100 per barrel, but it is unlikely.”