Benchmark Brent oil prices tanked on Monday by ten percent to strike a four-year low, rocked by fears over virus-hit demand. By Monday afternoon, Brent North Sea crude for delivery in May sank to around $31, which was the lowest level since February 2016, with the market pressured also by a price war between major producers Saudi Arabia. According to the latest estimates from the Central Energy Fund, which is…

The world might currently be at the mercy of the coronavirus, but South African motorists can breathe a sigh of relief as the Automobile Association (AA) announced a much-welcomed decrease in fuel prices. The effects of the virus is not only having a devastating impact on human health, but also on the various economies and world markets. It is expected that the price of petrol will drop by up to R1.11…

Rand weakness against the US dollar has paled into insignificance against the fuel price bonanza caused by the massive retreat of international petroleum prices, setting the stage for large reductions in fuel prices at month-end, the Automobile Association (AA) said in a statement on Friday. The current data shows petrol down by up to R1.11 a litre, diesel by R1.10 and illuminating paraffin by R1.18. However, these declines must be…

Rand weakness against the US dollar has paled into insignificance against the fuel price bonanza caused by the massive retreat of international petroleum prices, setting the stage for large reductions in fuel prices at month-end, the Automobile Association (AA) said in a statement on Friday. The current data shows petrol down by up to R1.11 a litre, diesel by R1.10 and illuminating paraffin by R1.18. However, these declines must be…

Sasol, South Africa's biggest company by revenue, said it may sell assets or stock to ease its financial woes after an oil-price collapse exacerbated a debt burden swelled by a troubled expansion in the US. This, along with a 5% gain in the Brent crude oil price on Friday morning, gave its share price a massive boost following a horror-filled week. The fuel and chemicals producer will also seek to…

Sasol, South Africa’s biggest company by revenue, said it may sell assets or stock to ease its financial woes after an oil-price collapse exacerbated a debt burden swelled by a troubled expansion in the US. The fuel and chemicals producer will also seek to reduce operating costs and reschedule some capital expenditure, it said in a statement on Thursday. The group will be within its debt covenants on June 30,…

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…

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,…

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,…

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.…