Industry News

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12
Oct

Fuel truck blast kills five in Lagos: emergency services

The explosion happened at a depot in the district of Baruwa-Ipaja. Five people have been killed and three others injured. Over 40 houses, 89 shops and many vehicles were also burnt during the explosion. A gas-laden truck exploded and caught fire early Thursday in Nigeria's commercial capital Lagos, leaving five dead and three others seriously injured and destroying dozens of homes and shops, the emergency services said. The incident -…

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12
Oct

WATCH | Aramco doubles down on oil to outlast rivals

Aramco doubles down on oil to outlast rivals The slump in demand for crude during the coronavirus pandemic has forced oil companies to contemplate the possibility that the fossil fuel market has peaked and the time for a global energy transition has come. But as Francis Maguire reports Saudi Ar SOURCE: https://www.news24.com/fin24/markets/commodities/watch-aramco-doubles-down-on-oil-to-outlast-rivals-20201007

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09
Oct

Oil rallies from 3-week low as Trump’s health hope spreads calm

Oil rose from a three-week low after a member of Donald Trump’s medical team said the US President could leave the hospital as soon as Monday, despite contradictory accounts about his health status. Futures advanced 1.6% in New York after the biggest weekly drop since June amid a broader relief rally in Asian stocks. Trump’s condition remained clouded by confusion, with the president making a surprise outing from the medical center in…

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05
Oct

Gas guzzler stole R1,4 mln

Municipal fuel attendant ripped off Msunduzi Fuel was recorded being put into out of service vehicles Not the first time employees have stolen fuel from municipality Thousands of litres of petrol and diesel, amounting to more than R1,4 million, were allegedly stolen from Msunduzi with the help of a fuel attendant at the Doull Road depot. This was revealed in a confidential forensic investigation report on alleged fraud and theft…

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05
Oct

Today in business: Multichoice rockets 8% after Canal+ takes stake

Fuel price cuts from Wednesday From Wednesday morning, 93 petrol will be 23 c/l lower, while 95 petrol will decrease by 32c/l. Diesel will be lowered with some 90c. This is thanks to a stronger rand last month, and a falling oil price. The Brent crude oil price fell from an average of $44.78 per barrel in August to $40.82 in September, while the average rand level was R17.28 in…

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05
Oct

Petrol drops by up to 30 cents, diesel by 90 cents from Wednesday

South African motorists can expect a fuel price decrease from Tuesday, following the department of mineral resources and energy’s Sunday announcement on the monthly price adjustments for October. According to the department, 93 ULP and LRP petrol will fall by 23 c/l, while 95 ULP and LRP will decrease by 32 c/l. The price adjustments are: Petrol (both 93 ULP and LRP): 23.00 c/l decrease; Petrol (both 95 ULP and LRP):…

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01
Oct

EXPLAINER | Where is the govt in its fight to reverse R5bn sale of strategic crude oil reserves?

The Central Energy Fund (CEF) is seeking to overturn the sale of 10.3 million barrels of the country's strategic crude oil reserves in 2015.  The sale occurred during the tenure of former mineral resources minister, Tina Joemat-Pettersson, who said it was sold as part of "stock rotation".  News24 look's at what led to the sale and on what grounds the CEF wants it to be overturned. South Africa's Central Energy…

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