Petrol prices to rise 7c as oil prices soar

PETROL prices are set to rise by 7c per litre within weeks after world oil prices smashed through the $50 barrier yesterday.

The worst fears of motorists and Government policymakers were realised as prices continued the skyward journey that began earlier this year, when a barrel of oil cost less than $30.

Fresh worries over future supplies, this time driven by a worsening security situation in Nigeria, sent oil prices on the New York Mercantile Exchange (Nymex) to $50.47. Benchmark Brent crude prices in London teetered near record highs at $46.72 per barrel.