Industry News

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18
Sep

SA petrol price still expected to decrease in October – AA

An attack on a major oil facility in Saudi Arabia means that a predicted drop in the petrol price for October will be lower than anticipated, according to the Automobile Association. The AA was on Wednesday commenting on unaudited mid-month fuel price data released by the Central Energy Fund. "The refinery strike was a game-changer for the way oil price stability is viewed. At a single stroke, five to seven…

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18
Sep

Oil market still gripped by fear

Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply. As state oil producer Saudi Aramco grows less optimistic that there will be a rapid recovery after the strikes that cut the nation’s output by half, investors are looking for clarity on just how bad it could be. Initially, it was said significant…

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16
Sep

Record spike in oil price after shock drone attacks on Saudi oil

Oil surged along with gold and Treasury futures after a strike on the heart of Saudi Arabia’s oil production increased geopolitical risk concerns. US and European equity futures declined, while shares in Asia were mostly lower. Oil posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the US has blamed on…

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16
Sep

Fuel shortages, bankrupted businesses, and riots: Official UK government document forecasts no-deal Brexit chaos

A no-deal Brexit could result in thousands of job losses, disrupted medical supplies, and public disorder, according to newly-released UK government documents. The UK Parliament voted to force the government to publish the document on Monday, an earlier version of which had been leaked to the Sunday Times in August. Ministers insisted the document represented a "worst-case scenario." Labour's shadow Brexit secretary Keir Starmer said: "It is completely irresponsible for…

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16
Sep

BP CEO says he’ll sell oil projects to meet climate targets

BP’s CEO plans to sell some oil projects and curb the development of others to align its business with the Paris accord, the latest sign climate concerns are starting to impact the investment decisions of the world’s largest fossil fuel producers. Senior BP executives met within the last few days to discuss how to cut carbon as it grapples with a shareholder resolution requiring the company to explain how its…

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06
Sep

Misleading social media posts fuel tensions over xenophobic violence gripping SA

Misleading social media posts about the anti-migrant violence gripping South Africa have been spreading across the continent, fuelling tensions that have already sparked reprisal attacks in Nigeria. Some posts purporting to show the violence contain old images, or footage from a different country altogether. Tens of thousands of Facebook and Twitter users have watched videos showing people frantically jumping out of a burning building. If the captions are to believed,…

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03
Sep

PETROL PRICE GOING UP ON WEDNESDAY

As from Wednesday, petrol will be increasing by 11c per litre for both 93 and 95, while diesel will be increasing by 26c per litre, Minister of Mineral Resources and Energy Gwede Mantashe has said. Illuminating paraffin will be increasing by 24c per litre wholesale. The main reason for the fuel price increase is the weakening of the rand against the US dollar on average, he added. The depreciation of…

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03
Sep

Petrol price to increase by 11c a litre

As from Wednesday, petrol will be increasing by 11c per litre for both 93 and 95, while diesel will be increasing by 26c per litre, Minister of Mineral Resources and Energy Gwede Mantashe has said. Subscribe to Fin24’s newsletter here Illuminating paraffin will be increasing by 24c per litre wholesale. The main reason for the fuel price increase is the weakening of the rand against the US dollar on average, he…

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02
Sep

Motorists to brace for fuel price hikes in September – AA

Weakness in the Rand is expected to drive fuel prices higher in September, this is according to the Automobile Association (AA), which was commenting on unaudited month-end fuel price data released by the Central Energy Fund. According to the figures, 95 octane will rise by ten cents a litre, and diesel by 25 cents. The only positive out of the latest figures is 93 octane which is showing a decrease…

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02
Sep

Sasol crisis: Investors want CEO out

Sasol Limited [JSE:SOL] has been asked by some of the country’s biggest fund managers to consider executive changes including ousting Stephen Cornell, one of two chief executive officers, over cost overruns at a flagship project, according to people familiar with the matter. The money managers began meeting with Sasol’s board and leadership after it raised the estimated cost of the Lake Charles plant in Louisiana by $1 billion on May 22,…

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