Meanwhile with the price of petrol in South Africa expected to reach record highs this week, the Automobile Association has warned that further military action by Russia in Ukraine could push oil prices even higher, causing more local fuel price pain. This, News24 reports, as the price of all grades of petrol will increase by R1.46/l, that of 0.05% sulphur diesel by R1.44/l, and 0.005% sulphur diesel by R1.48/l in March. On top of the situation in Ukraine, Iraq – Opec’s second largest member – announced that it had stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day, which is creating more fears of a tighter global oil supply and even higher prices.