Industry News

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25
Mar

Get ready for petrol price drop of around R2 per litre in April – analyst

With the impact of the coronavirus pandemic and production increases causing the oil price to drop, South Africans can look forward to a 'historic' reduction in the petrol price of around R2 per litre in April, says an analyst. According to Jayson Dunne of Bastion Advisory, the petrol price is likely to fall by around R1.95/l in April, and the diesel price by around R1.42/l. This includes the impact of new…

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23
Mar

April fuel price cut to be even bigger than expected

Johannesburg - If there is one silver lining in the current Covid-19 crisis, it’s that international oil prices have plummeted, and despite the rand’s losses, this is set to result in massive savings at the pumps from April. Of course, those who are able to will already be saving money through self-isolation. Earlier in the month it looked as though April’s fuel prices would drop by around R1 a litre,…

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18
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…

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17
Mar

Coronavirus, oil crash could spur on two more rate cuts in 2020

With the US Federal Reserve Bank cutting its benchmark interest rate to near zero, the South African Reserve Bank may have the room to introduce a 25 basis points cut this week and another one later this year, say economists. In response to the fallout in global markets due to the coronavirus outbreak, the Fed on Sunday implemented a 100 basis points cut as well as a $700 billion quantitative…

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17
Mar

Oil down 10%, with the petrol price on track for a big cut

Benchmark Brent oil prices tanked on Monday by ten percent to strike a four-year low, rocked by fears over virus-hit demand. By Monday afternoon, Brent North Sea crude for delivery in May sank to around $31, which was the lowest level since February 2016, with the market pressured also by a price war between major producers Saudi Arabia. According to the latest estimates from the Central Energy Fund, which is…

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13
Mar

Oil plunge springs relief for motorists at the pump with petrol price drop

The world might currently be at the mercy of the coronavirus, but South African motorists can breathe a sigh of relief as the Automobile Association (AA) announced a much-welcomed decrease in fuel prices. The effects of the virus is not only having a devastating impact on human health, but also on the various economies and world markets. It is expected that the price of petrol will drop by up to R1.11…

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13
Mar

EXPECT A PETROL PRICE DROP IN APRIL!

Rand weakness against the US dollar has paled into insignificance against the fuel price bonanza caused by the massive retreat of international petroleum prices, setting the stage for large reductions in fuel prices at month-end, the Automobile Association (AA) said in a statement on Friday. The current data shows petrol down by up to R1.11 a litre, diesel by R1.10 and illuminating paraffin by R1.18. However, these declines must be…

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13
Mar

Petrol price heading for a big cut in April – AA

Rand weakness against the US dollar has paled into insignificance against the fuel price bonanza caused by the massive retreat of international petroleum prices, setting the stage for large reductions in fuel prices at month-end, the Automobile Association (AA) said in a statement on Friday. The current data shows petrol down by up to R1.11 a litre, diesel by R1.10 and illuminating paraffin by R1.18. However, these declines must be…

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13
Mar

Sasol surges 45% after announcement about selling stocks, assets

Sasol, South Africa's biggest company by revenue, said it may sell assets or stock to ease its financial woes after an oil-price collapse exacerbated a debt burden swelled by a troubled expansion in the US. This, along with a 5% gain in the Brent crude oil price on Friday morning, gave its share price a massive boost following a horror-filled week. The fuel and chemicals producer will also seek to…

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13
Mar

Sasol considers selling stock, assets after debt surge

Sasol, South Africa’s biggest company by revenue, said it may sell assets or stock to ease its financial woes after an oil-price collapse exacerbated a debt burden swelled by a troubled expansion in the US. The fuel and chemicals producer will also seek to reduce operating costs and reschedule some capital expenditure, it said in a statement on Thursday. The group will be within its debt covenants on June 30,…

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