Fuel shortages in Nigeria have caused domestic airlines to cancel some internal flights and delay others this week, two of the country's biggest carriers said on Wednesday. Air Peace, Nigeria's biggest carrier by passenger numbers, flying to Dubai and Johannesburg, said it was likely to experience flight disruptions on Wednesday and in the coming days due to jet fuel scarcity. "Unfortunately, the fuel scarcity is starting to seriously impact our…

Environmental teams are working to contain a diesel spill in Meul River. The spill results from fuel theft along a Transnet pipeline on Wednesday. Transnet said security measures have helped reduce fuel theft by 50% in the past year. Fuel theft along a Transnet pipeline has resulted in a diesel spill, which has since spread to Meul River in Free State. According to a statement from Transnet Pipelines CEO Michelle…

The latest data from the Central Energy Fund shows that, at current oil price and exchange rate levels, the price of 95 octane petrol looks set for a hike of R2.32/litre in April. Diesel could be hiked by more than R3. This is due to rocketing oil prices, as Russia is pushed out of the market. There are still almost three weeks to go before the petrol and diesel prices…

The Inkatha Freedom Party (IFP) is calling on government to suspend fuel levies, with immediate effect. IFP spokesperson, Mkhuleko Hlengwa, said the cost of fuel is now at a record high, with more increases on the horizon should the situation in Europe continue to escalate. Hlengwa said each increase has a knock-on effect, sending food prices skyrocketing, and leaving South Africans fearful that tomorrow, getting to work will cost them…

The surge in oil prices is raising alarms for bondholders of Eskom. The premium investors demand to hold Eskom’s 2028 dollar bonds rather than similar-maturity US Treasuries has widened more than 100 basis points since the beginning of February to 711, a 15-month high. And the cost of insuring the utility’s dollar debt against default for five years jumped 15 basis points this month to the highest since April. Eskom…

South African homebuyers are looking past large suburban properties for smaller and safer apartments. Newly launched residential developments with on-site supermarkets, restaurants, bars, and gyms are becoming increasingly popular. The pandemic-induced hybrid work model coupled with ever-increasing petrol prices are pushing homebuyers to 15-minute neighbourhoods. In these neighbourhoods, residents don't need to get into their cars to seek out work or entertainment. For more stories go to www.BusinessInsider.co.za. South African homebuyers…

Oil prices are getting even higher as the US is getting closer to imposing a ban on Russian crude imports The fallout from Russia's invasion of Ukraine has upended markets, driving everything from wheat to nickel and gasoline higher and leaving the world bracing for an inflationary shock. Oil has rallied more than 30% since the invasion and traders and banks are betting prices will keep climbing.   Oil pushed…

A former police officer and his alleged accomplice were arrested in George on charges of fraud after they were found to be using cloned petrol cards. They were arrested on Saturday, said Hawks spokesperson Zinzi Hani. "Former constable Khuezi Gift Tshuku, 29, and Zixolisile Skade, 25, were arrested by the Hawks' Serious Commercial Crime Investigation team together with George SAPS' Crime Prevention Unit following an intensive investigation into the duo's…

The fuel price is affecting transportation in Yemen. People struggle to reach their destinations. Air and sea access to Yemen is controlled by other countries. Yemenis are riding on the roof or hanging out the sides of taxi vans as severe fuel shortages in the capital Sanaa and other Houthi-held areas raise demand for public transportation, with people queuing for days to fill the tanks of their cars. READ | Doctors…

Traders piled into options that oil could surge even further after rising to the highest since 2008, with some even placing low-cost bets that futures will rise above $200 before the end of March. Prices to buy call options for higher crude prices surged Monday as the market assessed the possibility of a supply cut-off from Russia, one of the world’s biggest exporters. At least 200 contracts for the option…