Industry News

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21
Aug

Slight decrease in fuel prices set for month-end as Rand, oil tussle

Fuel prices are set to decrease at month-end. • Petrol to drop by nine cents, while diesel will drop around seven cents a litre. • Stability could change and cause an increase in fuel prices. • For more motoring stories, go to www.Wheels24.co.za As South Africa heads into Level 2 restrictions, and the ban of cigarettes and alcohol sales have been lifted, more good news comes for motorists, albeit only slightly.…

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19
Aug

A giant oil company is building the world’s largest plant that turns vegetable oil and grease into fuel

Phillips 66 is converting a crude oil refinery in California into the world's largest renewable fuels plant, the company said Wednesday. The plant will turn used cooking oil, fats, greases, and soybean oil into diesel, gasoline, and jet fuel for the California market, which has a low-carbon-fuel standard. Together with an existing renewable fuels project, the reconfigured plant will produce more than 3 billion litres of fuel a year, beginning…

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12
Aug

Oil edges higher on upbeat Aramco and signs virus easing in US

Aramco, the world’s largest oil producer, is pressing ahead with a plan to pay $75 billion in dividends this year. Weakness in the dollar has been aiding oil in recent weeks, there could be further currency-related gains if stimulus negotiations in the US bear fruit.  In another potential tailwind for oil, analysts are forecasting a drop in American crude stockpiles, which would be the third straight weekly decline. Oil edged…

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12
Aug

Oil edges up on signs of virus slowdown in US

Oil traded near the highest level in five months amid signals that US coronavirus cases are slowing, boosting optimism that fuel demand may soon turn a corner. Futures in New York rose as much as 2.4% on Tuesday before easing gains as the dollar edged up from session lows, diminishing the appeal of commodities priced in the currency. The number of Americans hospitalised due to Covid-19 fell below 50 000…

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11
Aug

NUMSA vows to fight essential service application in petroleum

National Union of Metalworkers of South Africa said it is part of arbitration at the Commission of Conciliation, Mediation and Arbitration to determine if workers in petroleum should constitute an essential service. The NUMSA statement called the application by employers an attempt to circumvent central bargaining processes. The National Union of Metalworkers of South Africa vowed to fight an application by employers in the petroleum industry to have workers declared…

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07
Aug

Win fuel for a year

Get the app that saves you money every time you fill up at your nearest station that supports Mighty Mobile Adjusting to lockdown living? Many of us are dreaming about all the places we’ll go and things we’ll do when social distancing is nothing but a distant memory. Now there’s a way to help you save on petrol so you can explore even more – and gain points. Save money…

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07
Aug

Oil giant BP swings to a R300 billion loss and slashes its dividend for the first time in a decade as coronavirus turns the energy sector upside down

Energy giant BP reported a loss of $16.8 billion (R295 billion) for the second quarter as it continues to battle the coronavirus pandemic's existential threat to the oil industry. The UK-based company's overall loss included a $10.9 billion impairment charge related to the pandemic. BP cut its dividend by 50% to 5.25 cents from 10.5 cents, the first time since its 2010 Deepwater Horizon incident - the largest marine oil spill in history.…

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