Industry News

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31
Oct

Fuel price outlook: ‘Petrol price down, but diesel goes up for November’ – AA

Fuel prices have moderated during October, with the prospect of some relief for petrol users, although users of diesel n will have to cough up more, this is according to the Automobile Association (AA), which was commenting on unaudited month-end fuel price data released by the Central Energy Fund. "The exchange rate started the month badly but has since levelled out," the AA says. "The Rand's modest gains against the…

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24
Oct

Road Accident Fund fuel levy requires ‘large increase’

Treasury has warned that the Road Accident Fund represents a potentially large liability, and the 30c/l increase in the levy earlier this year may not be enough. The levy was upped in late February from 163c/l to 193c/l. The RAF is a state-owned entity that provides compulsory cover for users of SA roads against injuries or death arising from accidents within SA. According to Treasury's medium-term budget policy statement, tabled…

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16
Oct

Motorists could see 8th fuel hike as tensions rise in Saudi Arabia

The Automobile Association has warned of an eighth consecutive fuel price increase at the end of October, saying petrol could increase by 40 cents per litre, diesel by 70c/l and illuminating paraffin by 65c/l. The association, commenting on the unaudited mid-month data from the Central Energy Fund, noted that international oil prices “remain stubbornly high” while the current tensions involving Saudi Arabia, the US and the suspected murder of Saudi…

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11
Oct

Govt considering price ceiling for unleaded petrol

Government is considering fixing a maximum price for unleaded fuel to cushion the country from escalating prices, Energy Minister Jeff Radebe said on Thursday. "Government is deeply concerned by the rising cost of petrol in South Africa which is largely caused by the rand dollar exchange rate, and the price of crude [oil]," said Radebe at a post-Cabinet briefing. A task team, including officials from the Department of Energy and…

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09
Oct

SA consumers in tight corner as high prices, fuel hikes take their toll

With more than 40% of South African consumers being technically over-indebted, the reality is that most of them are no longer able to make any further adjustments to their budgets, Neil Roets, CEO of Debt Rescue, told Fin24 on Monday. He said average SA consumers were already struggling to make ends meet, and prioritising fuel in line with the rest of their budget is placing them under increased pressure. Both…

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09
Oct

Bleak festive season ahead as petrol price spills over R17/litre

A bleak festive season is on the cards if the current rate of fuel increases continues over the next two months, an economist warned following the announcement of a steep hike effective from midnight on Tuesday. “We might face a dim festive season if the current pace of fuel price increases is sustained in the two months ahead," said Paul Makube, Senior Agricultural economist at FNB Agri-Business. The Department of…

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01
Oct

Petrol to cost R1 a litre more from Wednesday, reaching a record high

The price of petrol will push to a record high from midnight on Tuesday, with the Central Energy Fund (CEF) announcing that under-recovery in August would prompt fuel increases ranging from 99c to R1.79. Amid some speculation, the CEF has not passed on the increases from September's fuel price intervention, when price rises were capped at 5c a litre in a bid to take some pressure of motorists. The price…

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01
Oct

Knockout blow for motorists as petrol price scales all-time high

Fuel prices will sky-rocket to its most expensive yet come Wednesday, according to the latest increase announced by the Department of Energy (DoE). Both grades of petrol, 93 and 95 (ULP & LRP), will increase by 99 cents and 100 cents a litre (c/l) respectively from midnight on Tuesday. This brings the overall retail price of 95 ULP for motorists in Gauteng to R17.08 c/l and R16.49 c/l at the…

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01
Oct

What oil at $100 a barrel would mean for SA and the world economy

Rising oil prices are prompting forecasts of a return to $100 a barrel for the first time since 2014, creating both winners and losers in the world economy. Exporters of the fuel would enjoy bumper returns, giving a fillip to companies and government coffers. By contrast, consuming nations would bear the cost at the pump, potentially fanning inflation and hurting demand. The good news is that Bloomberg Economics found that…

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