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…

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…

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…

On Monday, 24 February, Fin24's columnist Daniel Silke wrote: "South Africa once again awaits a showpiece event in its National Assembly amid a global and domestic environment increasingly obstacle-laden and unlikely to satisfy. "The major domestic problem for Minister Mboweni remains the same that his own president faced in the somewhat generic and platitudinous SONA address recently. "The inability of the governing ANC to provide clear and unambiguous policies that…

On a cool Sunday evening this hippo decided to take a casual stroll to the petrol station – to refuel itself for the week ahead. A video that was shared by OK Express and Engen in St Lucia, KwaZulu-Natal, has brought much traction to the petrol station and its convenience store but, according to store manager Leandra Heynie, this is quite a common sight for locals. Speaking to YOU magazine,…

South Africa’s inflation rate rose to a seven-month high in January driven by higher fuel prices. Consumer-price growth quickened to 4.5% from 4% in December, Statistics South Africa said Wednesday in a statement. The median estimate of 19 economists in a Bloomberg survey was 4.6%. Key Insights The increase is unlikely to put pressure on the central bank to pursue tight monetary policy as it sees the rate averaging 4.7%…

Steady declines in international oil prices have got the upper hand over a weakening Rand, setting the stage for fuel price reductions at month end. This is according to the Automobile Association (AA), which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund. The AA's report reads: "Petrol is currently showing a drop of between 14 and 25 cents a litre, diesel around 55c, and…

A $359m deal between Russia's geological exploratory firm Rosgeologia or Rosgeo and SA's state oil company, PetroSA, has been delayed by ministerial changes and other terms of the negotiation which yet to be resolved, members of Parliament heard. The department of energy, as well as officials from the Central Energy Fund and its subsidiary, PetroSA, on Tuesday briefed Parliament's portfolio committee on mineral resources and energy on international agreements pertaining…

January 2020 is behind us, but to a great extent it laid a pattern for how the economic climate will look for the rest of the year. This will have an effect on fuel prices too, as the remaining eleven months of the year can have a serious influence on consumers’ spending habits. According to the Automobile Association (AA): "Factors affecting the fuel price have rarely been more finely balanced…

South African motorists will be paying 13 cents per litre less for petrol and 5 c/l less for diesel from midnight on Tuesday, according to Minister of Mineral Resources and Energy Gwede Mantashe. Mantashe, in a statement on Monday, said the main reason for the decrease in the fuel prices was lower global crude oil prices during the period under review.  The current inland price for a litre of unleaded 95…