Industry News

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03
Jun

Maritzburgers share impact of fuel price hikes

With the price of petrol having gone up by R2,43 and diesel R1,10, Pietermaritzburg residents shared how the rising fuel prices are affecting their finances. Jill Mcmillan said, “Everything is on the increase due to the rising petrol prices. I’m having to pay more money for my workers’ transport. I’ll definitely be considering lift clubs and thinking more carefully about trips.” Yanga Zembe-Zondi said, “It’s horrific. My petrol costs have…

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03
Jun

Smaller fuel price increase announced, but cost of levy reduction will come from state coffers

Government has given motorists a reprieve after extending a R1.50 temporary reduction in the fuel levy to the end of August. The fuel levy reduction, which was initially introduced in April, was meant to end on May 31. If government had not acted, motorists would have had to pay almost R4 a litre more at the pumps from Wednesday. South Africa, which imports its oil, has had to deal with…

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03
Jun

Standard Bank: Jury is still out on funding of east African oil pipeline

Standard Bank continues to come under fire for its involvement in a crude oil pipeline. The bank is a financial advisor to the project but has not yet taken a decision to fund it. Activists say Standard Bank continues to fall back on the same, nonfactual arguments about fossil fuels. Responding to fierce criticism of its support of an East African oil pipeline, Standard Bank said it had not yet decided…

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03
Jun

Petrol, diesel hikes announced for Wednesday

The story: The price of petrol 95 unleaded will rise by R2.33 a litre on Wednesday, while 93 petrol will go up by R2.43 a litre, the Department of Mineral Resources and Energy announced on Tuesday. The details: Diesel prices will rise by R1.10 (0.05% sulphur) per litre and R1.07 (0.005% sulphur) per litre respectively, while illuminating paraffin will be R1.56 more expensive per litre. The maximum LPG as retail price will…

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03
Jun

Giant fuel price hike avoided as government steps in

The story: Treasury has decided to grant an extension of the reduction in the general fuel levy, which will soften the fuel price hike on Wednesday. The details: The petrol levy was cut by R1.50 a litre for April and May as government sought to relieve the economic stress of surging fuel prices. Around R6 billion of the state's strategic oil reserves were sold to fund the levy cut. But the sale…

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03
Jun

Treasury extends general fuel levy cut

Treasury has granted an extension of the cut to the general fuel levy. Without an extension of the cut, petrol prices would have been hiked by almost R4 on Wednesday. Around R6 billion of the state's strategic oil reserves were sold to fund the original levy cut - but this will not entirely fund the extension, meaning there will be a revenue loss of around R4.5 billion. Treasury has decided…

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31
May

Oil surges to 2-month high after EU agrees to ban most Russian crude imports, China eases Covid rules

Oil surged to a two-month high over $123 a barrel Tuesday after the EU agreed a ban on most Russian imports. Chinese authorities loosened restrictions in Beijing and Shanghai, adding to the upward pressure on prices. The EU has agreed to a temporary exemption for pipeline oil imports from Russia, but aims to ban all seaborne trade. For more stories visit Business Insider. Oil jumped to a two-month high of…

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31
May

SA on edge as monster fuel hike looms

A R1.50 cut in the petrol levy expires on Tuesday, and an announcement on its extension is expected soon. Without an extension of the cut, petrol prices could be hiked by almost R4 on Wednesday. But government finances will suffer if the hike extension is granted. Petrol prices may be hiked by close to R4 a litre on Wednesday - unless government steps in soon. Fuel prices are usually adjusted…

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31
May

Russia’s raking in billions in oil revenue, but running out of buyers

Russian oil producers are having to rely on a diminishing list of buyers to sell their output.  Lockdowns in China have depressed crude demand, while the EU is trying to ban imports of Russian oil.  An industry expert laid out three possible options Russia has to deal with the situation.  For more stories, go to www.BusinessInsider.co.za. Russia may be reeling in billions in oil revenue, thanks to sky-high crude prices that…

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31
May

Algoa Bay oil spill cleaned up before reaching beaches, islands and seabirds

The Algoa Bay oil spill has been contained and is almost completely cleaned up, says Samsa. So far there has been no damage to the clusters of islands, and the sea birds appear to be alright.  Sanccob says no oiled birds have been reported either.  After a massive operation, the Algoa Bay oil spill has been successfully contained and most of it cleaned up before it could spread to beaches…

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