Industry News

Our Latest Blog Posts
02
Apr

WATCH | PE petrol thief drives off without paying… twice

Port Elizabeth police are warning petrol station owners and petrol attendants to be on the lookout for a gold-coloured VW Jetta, saying that the driver of the vehicle refuels without paying. According to police spokesperson Colonel Priscilla Naidu, two cases have been reported at the Humewood police station. "In the first case, on 1 March at about 11:49, the driver filled petrol for the amount of R50,33 at the Engen…

Read more →
01
Apr

Possible fuel price drop for April

BASED on an unaudited mid-month fuel price data released by the Central Energy Fund, The Automobile Association (AA) predicts a massive fuel drop at month end. This is despite weakness of the rand against the US Dollar and more due to the fact that international petroleum prices retreated. According to AA, petrol may go down by approximately R1.11 a litre, while diesel goes down by R1.10, and illuminating paraffin by…

Read more →
01
Apr

Moody’s cuts Sasol deeper into junk, but shares rise on fuel hedging

Rating agency Moody’s has downgraded petrochemical company Sasol's corporate family rating to Ba2 from Ba1. Ba2 is the second notch of non-investment, or junk grade. "Sasol has been caught at the intersection of a series of credit negative developments, including a significant deterioration in the operating environment from a combination of the collapse in oil prices, widening impact of the coronavirus outbreak and weakening of South Africa's sovereign credit quality,"…

Read more →
01
Apr

Oil plummets to 17-year low as broken market drowns in crude

Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude. Futures in London fell as much as 7.6% to the lowest since November 2002, while New York crude briefly dipped below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of virus restrictions eroding demand…

Read more →
31
Mar

Petrol price drop a relief to troubled consumers

Minister of Mineral Resources and Energy Gwede Mantashe announced a fuel price decrease on Friday afternoon, citing factors including the depreciation of the rand and the fall in international Brent crude oil prices. In a department statement, Mantashe said 93 unleaded petrol will be R1.76/l while 95 unleaded petrol will be R1.88/l. The Automobile Association predicted a decrease in the petrol price earlier on Friday, as a relief for consumers…

Read more →
27
Mar

Little benefit for motorists in lockdown as record decrease in fuel prices loom at month-end

The Automobile Association (AA) announced today that the south African fuel price will see a monumental decrease at the end of March 2020. The AA announced that Unleaded 95 petrol will see a drop of R2.18/litre, and 93 petrol by R2.05/litre. Both grades of diesel are expected to fall by around R1.65/litre. The AA says: "The crude oil price war between Saudi Arabia and Russia continues unabated, with demand for…

Read more →
27
Mar

The petrol price is set to drop by close to R2 in April

The petrol price will decline by a large margin in April - just as South Africans, who are stuck at home during lockdown, need it least.  If Brent crude oil and the rand remain at current levels, the price of 95 unleaded petrol could decline by R1.93.  Diesel could fall by R1.64.   For more stories go to the Business Insider South Africa homepage. The petrol price is set to decline by…

Read more →
27
Mar

If Sasol can’t raise its own money it may need state pension cash – if Gauteng wants petrol

Sasol plans a rights issue bigger than its entire market valuation right now, which it says will help reshape its balance sheet. If that doesn't work, it may have to be bailed out using the same government pension funds mooted to save Eskom. Sasol makes only around 30% of South Africa's fuel – but all of that goes to inland provinces like Gauteng, which don't have many options. For more…

Read more →
26
Mar

Oil crash | The biggest losers – and winners

Monday's crash in world oil prices risks severely damaging revenues for crude producing countries and companies across the globe, while benefiting consumers through lower heating and motor fuel bills. Oil markets nosedived as much as 30% after top exporter Saudi Arabia slashed its prices and raised output to preserve market share in the face of Russia opposition. Saudi Arabia At a meeting last week of the Organisation of Petroleum Exporting…

Read more →
25
Mar

Possible fuel price drop for April

BASED on an unaudited mid-month fuel price data released by the Central Energy Fund, The Automobile Association (AA) predicts a massive fuel drop at month end. This is despite weakness of the rand against the US Dollar and more due to the fact that international petroleum prices retreated. According to AA, petrol may go down by approximately R1.11 a litre, while diesel goes down by R1.10, and illuminating paraffin by…

Read more →
1 2 3 26