Demand for petrol and diesel is set to heal by the end of the year but the coronavirus crisis is likely to leave scars on the airline industry and the oil market, the International Energy Agency said on Tuesday. The IEA continued to upgrade its forecasts for the oil market in its latest monthly report as more countries ease lockdown measures that have pushed the world economy into its greatest…

It was too good to be true. Last weekend’s OPEC+ meeting took a decision in record time to extend deep output cuts that had halted a dramatic slide in prices — and members even agreed to abide by them. The timing was perfect. The deal would keep oil from flooding the market, allowing time for demand to recover as economies around the world fire back up after draconian coronavirus lockdowns. Yet…

Two people have died in a gruesome tragedy on Houwhoek Pass near Grabouw in the Western Cape after a car collided with a petrol tanker on Saturday. In a video of the accident posted on Facebook, the voice of the unnamed driver of the truck can be heard explaining what happened. He said a car carrying two occupants swerved right into the direction of his truck as he travelled down…

Sasol [JSE: SOL] has received offers from firms including Ineos Group for a large stake in a US chemical complex it is selling to shore up its finances, according to people familiar with the matter. Chevron Phillips Chemical and LyondellBasell Industries are also among those moving into a second round of bidding for a slice of the Lake Charles project in Louisiana, the people said, asking not to be identified…

Cabinet has given its approval to start a process to establish a single National Petroleum Company. The entity will be made up of the three current subsidiaries of the Central Energy Fund, namely PetroSA, the Strategic Fuel Fund and iGas, Cabinet said in a statement following a meeting on Wednesday in which it was briefed on the rationalisation of the companies. "Cabinet approved the proposed appointment of a professional restructuring…

Motorists in the interior of South Africa may experience ongoing fuel shortages this week due to damage to a Transnet pipeline carrying fuel from Durban to Gauteng. In the current financial year, Transnet pipelines have already suffered 21 incidents of tampering by perpetrators hoping to steal fuel. The 61cm diameter multiproject pipeline in question stretches from Durban to Jameson Park in Johannesburg. The damage to the pipeline, which was done…

Sasol shares gained as much as 14% on Wednesday as the price of Brent Crude oil rose above $40 a barrel for the first time in nearly three months, before pairing gains to trade up 1.5% in the early aftrenoon. After coming under pressure from the combined effects of weaker oil prices and the global impact of Covid-19, shares in the petrochemical firm peaked at R133.83 in mid-morning trade, the…

AS from today, June 3 motorists will have to feel the pinch of the fuel hikes after the Department of Energy announced an increase in the retail price of all grades of petrol by R1.18 cents per litre. Diesel will rise by 22 cents. The Minister of Mineral Resources and Energy, Gwede Mantashe, announced the adjustment of fuel prices based on current local and international factors on Monday, June 1.…

Consumers will pay R1.18/l more for both grades of petrol from Wednesday, 3 June. This is in line with earlier projections by the Automobile Association against the background of a rise in the international price of crude oil. But the price of petrol is still about R2/l lower than it was at the beginning of lockdown in late March. Fuel prices are increasing across the board, according to a statement from the…

A shortage of diesel fuel in South Africa will ease up in a few weeks when about 30% of its refining capacity, idled because of a drop in demand spurred by the Covid-19 lockdown, will return to service. Sasol and Total SA shut the Natref refinery in April after the government restricted economic activity to curb the spread of coronavirus. The measures also extended a planned shutdown by the Glencore-owned…