Industry News

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30
Apr

BP profit on target as cash flow grows despite lower prices

BP boosted cash flow and hit the target on profit estimates in the first quarter as rising oil and gas production and strong trading results offset the effect of lower prices. The company’s performance brightens a mixed picture for Big Oil earnings. Subscribe to Fin24's newsletter here While the industry has moved beyond the worst downturn in a generation it’s still enduring volatile markets, with a sharp slump in crude…

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29
Apr

Petrol price to go up for May

The Department of Energy has announced a petrol price increase of 54 cents a litre for 93 and 95 unleaded for the month of May. Diesel has a one cent per litre increase, while illuminating paraffin sees a three cents per litre increase.  Subscribe to Fin24's newsletter here In a statement the Department of Energy said the international factors amounted to about 54.00c/l on petrol and 1.00c/l on diesel and…

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24
Apr

Fuel prices a sore thumb for businesses, consumers

Higher fuel prices have contributed largely to the increase in March inflation, and industry has warned of the effects it is having on business profitability. Stats SA on Wednesday released March inflation figures, which increased to 4.5% compared to 4.1% reported in February. Transport costs were among the major contributors to the higher inflation. Transport costs, in turn, were influenced by higher fuel prices. Subscribe to Fin24’s newsletter here "The 74c/l…

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16
Apr

First-time driver in your new car? Here’s how SA’s new demerit system will affect you.

Finally! After a long hard search you've finally found your new car and are ready to hit the road. Despite your eagerness to hear your engine purr don't let the temptation of the open road lead you to lose your licence, especially with new laws affecting driver licences in SA. After a decade of speculation and waiting, the Administrative Adjudication of Road Traffic Offences Bill (Aarto) is set to be…

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09
Apr

Guilty: BP has been convicted of environmental crime in South Africa – and could now face massive fines

Oil giant BP is now an environmental criminal in South Africa. This week the high court in Pretoria found BP guilty on eight charges of building filling stations without environmental approval. BP now faces potentially big fines – and the door is open for more and easier private criminal prosecutions of environmental crimes. * This article has been updated below with comment from BP received after publication. Global oil giant BP…

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08
Apr

Petrol price cap still on the cards for South Africa – but another price freeze is out

After a hefty fuel hike at the beginning of April, there have been a number of calls for government to step in and prevent further increases. In a statement released on Wednesday (3 April), trade federation Cosatu said that this should include a revision of the current taxes on fuel and the possible introduction of a fuel price cap. “It is becoming blatantly clear that our inept government does not…

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