R/$ = R7.73. Under these circumstances in South Africa we could easily see two or three consecutive R1 petrol price increases.
From New York Times:
Gas Prices Send Surge of Riders to Mass Transit
By CLIFFORD KRAUSS
Published: May 10, 2008
Oil prices broke yet another record on Friday, climbing $2.27, to $125.96 a barrel. The national average for regular unleaded gasoline reached $3.67 a gallon, up from $3.04 a year ago, according to AAA.
But meeting the greater demand for mass transit is proving difficult. The cost of fuel and power for public transportation is about three times that of four years ago, and the slowing economy means local sales tax receipts are down, so there is less money available for transit services. Higher steel prices are making planned expansions more expensive.
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