Industry News

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15
Jun

More petrol price hikes for SA: ‘Oil down but Rand pummels fuel price’ – AA

SA motorists will have to brace themselves as fuel prices look set for another jump going into July, says Automobile Association, commenting on unaudited mid-month fuel data released by the Central Energy Fund (CEF). AA said: "Since the start of June, the Rand has steadily weakened against the US dollar, with the average cost per dollar having climbed from around the R12.50 mark to nearly R13. "Fortunately international oil prices…

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04
Jun

Bakkies remain SA’s most popular vehicle despite spiralling fuel costs

Car buyers are becoming more "cost-savvy" as spiralling fuel prices distort the traditional cost of vehicle ownership, says Ghana Msibi, sales and marketing head at finance house WesBank. The South African pump prices of petrol and diesel are expected to hit record levels later this week, due to stronger international oil prices. The effect will be to accelerate the market shift towards smaller, fuel-efficient cars, says Msibi. "Consumers are more…

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04
Jun

Why more tankers are heading for the scrapyard

Singapore — The shipping industry will in 2018 scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for new environmental laws. The surge in scrapping underscores how the sector is grappling with one of its worst crises, hit hard after rates for transporting oil plunged to multiyear lows in the wake of excess tanker…

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01
Jun

Pain for South Africans as petrol price hits new record

Both grades of petrol, 93 and 95 (ULP & LRP), will increase by a hefty 82c a litre on Wednesday, the Department of Energy announced on Friday. Diesel 0.05% sulphur and diesel 0.005% sulphur will increase by 85c and 87c a litre respectively. Illuminating paraffin (wholesale) will go up by 82c, while illuminating paraffin (SMNRP) will cost 109c more per litre. The maximum retail price for LPGAS will spike by…

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01
Jun

Petrol prices are set for a massive increase – but there’s a ‘second round’ of costs which could also hit soon

The combination of a weaker exchange rate this month and higher global petroleum prices means that there is currently an 82 cents per litre under-recovery – which is likely to translate into a similarly-sized petrol price increase early next month. This is according to Old Mutual Multi-Manager Dave Mohr, who notes that the increase will mean that June’s petrol inflation could therefore jump to 16% – on the back of…

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01
Jun

Hawks probing PetroSA staffers for fraud, corruption

In April, Fin24 reported that, according to sources, PetroSA was on the cusp of appointing once-suspended officials back at the utility and was even resorting to creating positions which did not exist on the company’s organogram. Hawks confirm investigation Western Cape Hawks spokesperson Captain Philani Nkwalase confirmed that the staff members concerned were being investigated for fraud and corruption. He said he could not disclose their identities until the matter…

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