Industry News

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10
Apr

Petrol price breakdown

The basic fuel price (freight and insurance costs, cargo dues, storage and financing); Wholesale and retail margins, and distribution and transport costs. The general fuel levy is a tax charged on every litre of petrol sold. In April 2016 it increased from R2.55 to R2.85. Last year, this levy again increased by 30 cents from R2.85 to R3.15. This year it increased by 22 cents and now stands at R3.37…

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06
Apr

Why Nigeria is moving away from oil

From Kano’s rice plantations to a fledging gas economy in Bayelsa, Nigeria is moving away from oil. Speaking at the Africa CEO Forum in Abidjan at the end of March, co-founder and executive director of the Sahara Group Tonye Cole said investors often made the mistake of looking for opportunities only in the cities of Lagos and Abuja, instead of scouring the potential in other states. With a multibillion-dollar industry…

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05
Apr

NGO threatens Shell with lawsuit over climate ‘destruction’

The Hague - An environmental campaign group has threatened to take Anglo-Dutch oil giant Royal Dutch Shell to court should it fail to comply with climate targets set out under the Paris agreement. "Friends of the Earth Netherlands announced today that they will take Shell to court if it does not act on demands to stop its destruction of the climate," the group said in a statement, accusing the firm…

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05
Apr

Trump’s trade war could hit rand through oil price

Johannesburg - The path ahead looks challenging for the rand if oil prices are anything to go by. Concern that US President Donald Trump’s measures will trigger a trade war may hamper global growth and weaken demand for oil, according to Nedbank technical analyst Mehul Daya. “Oil leads the rand,” said Daya. “Sixty percent of the movement in the rand can be explained by changes in the oil price since…

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03
Apr

Fuel up as oil price, levies bite

The fuel price is set for a steep hike as higher fuel levies kick in, and an increase in international fuel prices makes its presence felt. This is according to the unaudited month-end fuel price data released by the Central Energy Fund. International petroleum product prices, which have remained stable since mid-February, have climbed sharply since 12 March. We're anticipating an increase of around 63 cents a litre for petrol,…

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28
Mar

Steep hike in fuel price, levies to take their toll on SA motorists – AA

Johannesburg - The fuel price is set for a steep hike as higher fuel levies kick in, and an increase in international fuel prices makes its presence felt, reports the Automobile Association (AA), commenting on unaudited month-end fuel price data released by the Central Energy Fund. The AA said: "International petroleum product prices, which have remained stable since mid-February, have climbed sharply since 12 March. We're anticipating an increase of…

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Shell looks beyond petrol to secure future of refining
28
Mar

Royal Dutch Shell appoints woman to head its US business

Houston — Super-major oil producers are increasingly promoting female executives to oversee marquee US assets. In the latest turnabout for an industry dominated by men for all of its 159-year history, former Maersk Oil CEO Gretchen Watkins is set to oversee Royal Dutch Shell’s sprawling US business that includes wells and refineries from the Gulf of Mexico to the Pacific Northwest. Watkins’s recruitment by the world’s second-largest oil explorer by…

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27
Mar

Proposed Western Cape fuel levy ‘price shock’ prompts outcry

The decision by the Western Cape provincial government to consider introducing a provincial fuel levy has been opposed by various organisations, including the ANC. It emerged last week that the provincial government was considering introducing a fuel levy over and above the national levy that motorists must pay. Finance MEC Ivan Meyer said the province had employed consultants to consider the viability of a provincial fuel levy. The provincial government…

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22
Mar

Former energy minister and CEO named in strategic fuel ‘heist’

Former energy minister Tina Joemat-Pettersson and the then CEO of the Strategic Fuel Fund (SFF) Sibusiso Gamede have been named in court papers as the people at the centre of one of the biggest heists of state assets — the secret sale 10-million barrels of strategic fuel reserves in 2015. The Central Energy Fund (CEF) and its SFF subsidiary have approached the High Court in Cape Town to have the…

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19
Mar

‘Fuel will be more expensive in April’ – AA

Johannesburg - Although basic fuel prices are showing signs of further decreases at month end, the overall price of fuel is set to increase because of the addition of increased fuel levies in April. This is according to the Automobile Association (AA), which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund. The AA says: "The Rand/US dollar exchange rate has been virtually flat since…

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