Industry News

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31
Mar

Petrol price drop a relief to troubled consumers

Minister of Mineral Resources and Energy Gwede Mantashe announced a fuel price decrease on Friday afternoon, citing factors including the depreciation of the rand and the fall in international Brent crude oil prices. In a department statement, Mantashe said 93 unleaded petrol will be R1.76/l while 95 unleaded petrol will be R1.88/l. The Automobile Association predicted a decrease in the petrol price earlier on Friday, as a relief for consumers…

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27
Mar

Little benefit for motorists in lockdown as record decrease in fuel prices loom at month-end

The Automobile Association (AA) announced today that the south African fuel price will see a monumental decrease at the end of March 2020. The AA announced that Unleaded 95 petrol will see a drop of R2.18/litre, and 93 petrol by R2.05/litre. Both grades of diesel are expected to fall by around R1.65/litre. The AA says: "The crude oil price war between Saudi Arabia and Russia continues unabated, with demand for…

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27
Mar

The petrol price is set to drop by close to R2 in April

The petrol price will decline by a large margin in April - just as South Africans, who are stuck at home during lockdown, need it least.  If Brent crude oil and the rand remain at current levels, the price of 95 unleaded petrol could decline by R1.93.  Diesel could fall by R1.64.   For more stories go to the Business Insider South Africa homepage. The petrol price is set to decline by…

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27
Mar

If Sasol can’t raise its own money it may need state pension cash – if Gauteng wants petrol

Sasol plans a rights issue bigger than its entire market valuation right now, which it says will help reshape its balance sheet. If that doesn't work, it may have to be bailed out using the same government pension funds mooted to save Eskom. Sasol makes only around 30% of South Africa's fuel – but all of that goes to inland provinces like Gauteng, which don't have many options. For more…

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26
Mar

Oil crash | The biggest losers – and winners

Monday's crash in world oil prices risks severely damaging revenues for crude producing countries and companies across the globe, while benefiting consumers through lower heating and motor fuel bills. Oil markets nosedived as much as 30% after top exporter Saudi Arabia slashed its prices and raised output to preserve market share in the face of Russia opposition. Saudi Arabia At a meeting last week of the Organisation of Petroleum Exporting…

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25
Mar

Possible fuel price drop for April

BASED on an unaudited mid-month fuel price data released by the Central Energy Fund, The Automobile Association (AA) predicts a massive fuel drop at month end. This is despite weakness of the rand against the US Dollar and more due to the fact that international petroleum prices retreated. According to AA, petrol may go down by approximately R1.11 a litre, while diesel goes down by R1.10, and illuminating paraffin by…

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25
Mar

Get ready for petrol price drop of around R2 per litre in April – analyst

With the impact of the coronavirus pandemic and production increases causing the oil price to drop, South Africans can look forward to a 'historic' reduction in the petrol price of around R2 per litre in April, says an analyst. According to Jayson Dunne of Bastion Advisory, the petrol price is likely to fall by around R1.95/l in April, and the diesel price by around R1.42/l. This includes the impact of new…

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23
Mar

April fuel price cut to be even bigger than expected

Johannesburg - If there is one silver lining in the current Covid-19 crisis, it’s that international oil prices have plummeted, and despite the rand’s losses, this is set to result in massive savings at the pumps from April. Of course, those who are able to will already be saving money through self-isolation. Earlier in the month it looked as though April’s fuel prices would drop by around R1 a litre,…

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18
Mar

If Sasol can’t raise its own money it may need state pension cash – if Gauteng wants petrol

Sasol plans a rights issue bigger than its entire market valuation right now, which it says will help reshape its balance sheet. If that doesn't work, it may have to be bailed out using the same government pension funds mooted to save Eskom. Sasol makes only around 30% of South Africa's fuel – but all of that goes to inland provinces like Gauteng, which don't have many options. For more…

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17
Mar

Coronavirus, oil crash could spur on two more rate cuts in 2020

With the US Federal Reserve Bank cutting its benchmark interest rate to near zero, the South African Reserve Bank may have the room to introduce a 25 basis points cut this week and another one later this year, say economists. In response to the fallout in global markets due to the coronavirus outbreak, the Fed on Sunday implemented a 100 basis points cut as well as a $700 billion quantitative…

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