Industry News

Our Latest Blog Posts
15
Jun

More petrol price hikes for SA: ‘Oil down but Rand pummels fuel price’ – AA

SA motorists will have to brace themselves as fuel prices look set for another jump going into July, says Automobile Association, commenting on unaudited mid-month fuel data released by the Central Energy Fund (CEF). AA said: "Since the start of June, the Rand has steadily weakened against the US dollar, with the average cost per dollar having climbed from around the R12.50 mark to nearly R13. "Fortunately international oil prices…

Read more →
04
Jun

Bakkies remain SA’s most popular vehicle despite spiralling fuel costs

Car buyers are becoming more "cost-savvy" as spiralling fuel prices distort the traditional cost of vehicle ownership, says Ghana Msibi, sales and marketing head at finance house WesBank. The South African pump prices of petrol and diesel are expected to hit record levels later this week, due to stronger international oil prices. The effect will be to accelerate the market shift towards smaller, fuel-efficient cars, says Msibi. "Consumers are more…

Read more →
04
Jun

Why more tankers are heading for the scrapyard

Singapore — The shipping industry will in 2018 scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for new environmental laws. The surge in scrapping underscores how the sector is grappling with one of its worst crises, hit hard after rates for transporting oil plunged to multiyear lows in the wake of excess tanker…

Read more →
01
Jun

Pain for South Africans as petrol price hits new record

Both grades of petrol, 93 and 95 (ULP & LRP), will increase by a hefty 82c a litre on Wednesday, the Department of Energy announced on Friday. Diesel 0.05% sulphur and diesel 0.005% sulphur will increase by 85c and 87c a litre respectively. Illuminating paraffin (wholesale) will go up by 82c, while illuminating paraffin (SMNRP) will cost 109c more per litre. The maximum retail price for LPGAS will spike by…

Read more →
01
Jun

Petrol prices are set for a massive increase – but there’s a ‘second round’ of costs which could also hit soon

The combination of a weaker exchange rate this month and higher global petroleum prices means that there is currently an 82 cents per litre under-recovery – which is likely to translate into a similarly-sized petrol price increase early next month. This is according to Old Mutual Multi-Manager Dave Mohr, who notes that the increase will mean that June’s petrol inflation could therefore jump to 16% – on the back of…

Read more →
01
Jun

Hawks probing PetroSA staffers for fraud, corruption

In April, Fin24 reported that, according to sources, PetroSA was on the cusp of appointing once-suspended officials back at the utility and was even resorting to creating positions which did not exist on the company’s organogram. Hawks confirm investigation Western Cape Hawks spokesperson Captain Philani Nkwalase confirmed that the staff members concerned were being investigated for fraud and corruption. He said he could not disclose their identities until the matter…

Read more →
30
May

More pain ahead for embattled consumers as fuel prices climb

The pressure on SA’s embattled consumers continues, with a massive fuel-price increase expected to be announced on Friday due to a surge in the price of Brent crude oil and rand weakness. This will in all likelihood push the cost of unleaded petrol towards R16 a litre, but analysts say it is not all doom and gloom. In the long term, oil prices should ease from recent multiyear highs as…

Read more →
29
May

Africa’s hidden oil hub near Cape Town booms after making millions for traders

For oil traders, there’s no place quite like Saldanha Bay. When prices slumped in 2014, trading houses generated outsize profits by storing millions of barrels of crude in the deep-water harbour north of Cape Town. Now storage facilities at the port - where South Africa built vast concrete bunkers in the 1970s that helped insulate the apartheid regime from United Nations oil sanctions - are expanding. Saldanha could have turned…

Read more →
28
May

Racial exclusion from Sasol share plan means strike is possible

Government mediators ruled that workers at Sasol [JSE:SOL] are allowed to strike over the exclusion of white staff from an employee-shareholding plan. Solidarity, a labour union that represents skilled, mainly white workers, registered a dispute with the Commission for Conciliation, Mediation and Arbitration, or CCMA, after Sasol introduced benefits that it said would exclude workers based on race. South African businesses have implemented plans since democratic elections in 1994 that…

Read more →
23
May

BP’s CEO talks of future expansion in uncertain times

London — After the near collapse of his company following the 2010 Gulf of Mexico disaster and a three-year slump in oil prices, BP CEO Bob Dudley is hardly relaxed. "It doesn’t feel like we are in a serene time for any energy company," Dudley tells Reuters in an interview. BP is stronger today than at any other time since the 2010 Deepwater Horizon rig accident. With oil prices at…

Read more →