Industry News

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17
Apr

Here is the expected petrol price for May 2018

Sharp increases in the landed prices of fuels are set to hit motorists hard at the end of April, according to the Automobile Association (AA). “Petroleum prices were largely flat in the first week of April, but spiked sharply as tensions escalated in Syria,” the AA said, commenting on unaudited mid-month data released by the Central Energy Fund. “The Middle East lies near many of the world’s key oil producers,…

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12
Apr

Trade conditions could take more strain from VAT, fuel levy – survey

Cape Town - Respondents taking part in the latest Trade Conditions Survey of the South African Chamber of Commerce and Industry (Sacci) indicated concern about the impact of the 1% value-added tax hike to 15%, and the steep fuel levy increase. Both kicked in at the beginning of April. Trade conditions continued to be restrained in March, according to the latest Trade Activity Index (TAI) released by Sacci on Thursday.…

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10
Apr

Petrol price breakdown

The basic fuel price (freight and insurance costs, cargo dues, storage and financing); Wholesale and retail margins, and distribution and transport costs. The general fuel levy is a tax charged on every litre of petrol sold. In April 2016 it increased from R2.55 to R2.85. Last year, this levy again increased by 30 cents from R2.85 to R3.15. This year it increased by 22 cents and now stands at R3.37…

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06
Apr

Why Nigeria is moving away from oil

From Kano’s rice plantations to a fledging gas economy in Bayelsa, Nigeria is moving away from oil. Speaking at the Africa CEO Forum in Abidjan at the end of March, co-founder and executive director of the Sahara Group Tonye Cole said investors often made the mistake of looking for opportunities only in the cities of Lagos and Abuja, instead of scouring the potential in other states. With a multibillion-dollar industry…

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05
Apr

NGO threatens Shell with lawsuit over climate ‘destruction’

The Hague - An environmental campaign group has threatened to take Anglo-Dutch oil giant Royal Dutch Shell to court should it fail to comply with climate targets set out under the Paris agreement. "Friends of the Earth Netherlands announced today that they will take Shell to court if it does not act on demands to stop its destruction of the climate," the group said in a statement, accusing the firm…

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05
Apr

Trump’s trade war could hit rand through oil price

Johannesburg - The path ahead looks challenging for the rand if oil prices are anything to go by. Concern that US President Donald Trump’s measures will trigger a trade war may hamper global growth and weaken demand for oil, according to Nedbank technical analyst Mehul Daya. “Oil leads the rand,” said Daya. “Sixty percent of the movement in the rand can be explained by changes in the oil price since…

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03
Apr

Fuel up as oil price, levies bite

The fuel price is set for a steep hike as higher fuel levies kick in, and an increase in international fuel prices makes its presence felt. This is according to the unaudited month-end fuel price data released by the Central Energy Fund. International petroleum product prices, which have remained stable since mid-February, have climbed sharply since 12 March. We're anticipating an increase of around 63 cents a litre for petrol,…

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