South Africans may face a petrol price hike of up to 78 cents a litre next month, according to ETM Analytics managing director George Glynos.
A French exploration company is planning to hunt for oil and gas in a 121 000 square kilometre area off the KwaZulu-Natal coast next year.
Oil importing costs have outweighed overseas financial aid received by developing countries in Africa, highlighting why Africa needs clean energy.
Any infrastructure plans that are based on oil dependency should be scrapped and replaced with sustainable alternatives.
Oil prices have moved higher to almost $102 a barrel in Asia in anticipation of Europe's interest rate decision and debt crisis summit.
Global oil prices have surged almost 30% from an eight-month low of $75 a barrel indicating a surprising improvement in global economic expectations.
Oil prices fell more than 3% on Monday after United States forces killed al-Qaeda leader Osama bin Laden on Sunday night.
Oil prices fell to near $112 a barrel on Friday in Asia as slowing US economic growth blunted crude's 33% gain over the past two months.
Gold and silver prices rose on Wednesday as investors continue to worry about inflation and how the US and Europe will deal with their financial woes.
Oil fell on Monday after Muammar Gaddafi appeared to accept a cease-fire plan, increasing the chances that Libyan crude will return to world markets.
The South African Reserve Bank remains concerned about the effects of rising oil and food prices on the outlook for inflation, Gill Marcus says.
South Africa's been cushioned from the effect of oil-price hikes during the past two years. But what if the devaluation trend re-emerges?
World oil prices extended their gains in Asian trade on Thursday after the political crisis in Egypt erupted into violence.
Oil topped $100 per barrel on Monday for the first time since 2008, as traders fretted over violent unrest in Egypt.
Crude oil futures extended recent gains with New York prices striking fresh two-year peaks, as the International Energy Agency forecast steady demand.
SA consumers are in for a rough ride and can expect to be hit by the cost of petrol and electricity and pretty much anything packaged in plastic.
Energy ministers from G8 countries on Sunday heard that oil prices could again soar when the global economic crisis eases and demand returns.
Oil prices fell to below $57 a barrel on Thursday as weak US retail sales and housing figures dampened optimism about an economic turnaround.
Oil rose towards $60 a barrel on Wednesday after US inventory data showed an unexpected drawdown.
Worries about global economic growth and expectations of a weak US jobs report pushed oil prices lower on Friday.