Will the oil price spike wipe out October's expected petrol price cut?

The attack on Saudi Arabia's oil facilities has resulted in a record spike in the oil price and hints at increased geopolitical risk.

South Africa's Central Energy Fund has forecast a cut in petrol prices for next month but the recent event may cancel out that prediction leaving consumers even more cash strapped.

Business Day TV caught up with Chief Economist at Econometrix Azar Jammine to talk about the oil market and what its trickle down effect could be on this economy.