Industry News

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13
Mar

Here’s how the oil price crash should lower the price of your food and debt

Local economists believe South Africans can look forward to cheaper food, and lower debt payments, if low oil prices stay around. The oil price dropped by as much as 22% on Monday due to a falling out between oil-producing nations amid the global impact of the novel coronavirus. With fuel prices pushing down inflation, a range of things could become cheaper, including interest rates. For more stories, go to the Business…

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09
Mar

Chaos on global markets as oil plummets 30% in seconds. The rand has also been hit by a shock slump

Oil markets tumbled the most in decades overnight on Sunday. The sell-off was fueled by sinking demand due to coronavirus concerns. This was the biggest drop since the Gulf War in 1991, and it comes amid the collapse of a crucial OPEC+ alliance, which in turn triggered an all-out price war. Visit Business Insider's homepage for more stories. Oil futures tumbled 31% in a matter of seconds overnight on Sunday,…

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09
Mar

Chaos on global markets as oil plummets 30% in seconds. The rand has also been hit by a shock slump

Oil markets tumbled the most in decades overnight on Sunday. The sell-off was fueled by sinking demand due to coronavirus concerns. This was the biggest drop since the Gulf War in 1991, and it comes amid the collapse of a crucial OPEC+ alliance, which in turn triggered an all-out price war. Visit Business Insider's homepage for more stories. Oil futures tumbled 31% in a matter of seconds overnight on Sunday,…

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09
Mar

Labour dispute at Caltex supplier headed to CCMA

Contract workers at an Astron Energy refinery that supplies Caltex petrol stations say they have been locked out by the company for demanding more than the country’s minimum wage and that they are struggling to make ends meet. About 96 contract workers at the former Chevron refinery in Milnerton, Cape Town, spent most of Wednesday outside locked gates after refusing to sign a non-disclosure agreement about how much they earn.…

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05
Mar

Robbers caught on camera attacking, robbing woman at petrol station in Durban

A Durban driver is lucky to have escaped with her life after armed robbers attacked her in Hillcrest on Tuesday. In a video, a white Ford Focus with male occupants appear to ask a petrol attendant to tend to their vehicle. While their tyre pressure is checked, three of the men hop out of the vehicle and attack a woman in a blue Mini Cooper. She struggles as the men,…

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05
Mar

Labour dispute at Caltex supplier headed to CCMA

Contract workers at an Astron Energy refinery that supplies Caltex petrol stations say they have been locked out by the company for demanding more than the country’s minimum wage and that they are struggling to make ends meet. About 96 contract workers at the former Chevron refinery in Milnerton, Cape Town, spent most of Wednesday outside locked gates after refusing to sign a non-disclosure agreement about how much they earn.…

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02
Mar

How to save R19 000 a year by being a better driver after Mboweni’s fuel price levy increases

• Tito Mboweni’s 2020 budget speech brought about some bad news for already cash-strapped motorists   • Here’s how to beat the budget blues and save close to R20 000 a year on fuel by adjusting your driving habits Finance Minister, Tito Mboweni, just delivered his 2020 budget speech against the backdrop of a tough economy and an even tougher energy crisis earlier this week. The biggest pinch will again…

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28
Feb

Petrol, diesel prices drop as coronavirus fuels relief on oil plunge for South African motorists

International petroleum prices this week suffered one of their steepest plunges in recent years as coronavirus fears impacted global economic activity. The silver lining in this cloud are predicted substantial fuel price reductions for South Africans. This is according to the Automobile Association (AA), which was commenting on unaudited month-end fuel price data released by the Central Energy Fund. "The impact of the novel coronavirus outbreak on global economic activity…

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28
Feb

Fuel prices projected to fall as coronavirus fears impact global oil price – AA

The AA has said that motorists can expect "substantial fuel price reductions" next month, in part due to falling world oil prices as coronavirus fears impact global economic activity. "The impact of the novel coronavirus outbreak on global economic activity cannot be over-stated, and petroleum prices have retreated in lockstep with the downturn across world markets," the AA says. "Under normal circumstances, we would be focusing on our serious concerns…

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27
Feb

You’ll soon pay 25c more tax per litre of fuel – here’s how fuel tax has increased from 2008

Finance minister Tito Mboweni said the tax on fuel will increase by 25c a litre in 2020. The national Treasury believes that additional taxes will stifle growth, so increased the petrol tax in line with inflation instead. An environmental fiscal-reform paper will be released, on the possible restructure of the fuel levy to include a local air pollution emissions component.  For more stories visit Business Insider South Africa. The tax on…

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