The massive fuel increases announced by the Department of Mineral Resources and Energy (DMRE) this weekend will have a sharp and immediate effect on the poor, and a long-term impact on inflation. Commenting on the increases, the Automobile Association (AA) says the increases are above expectations and will hurt all South Africans. What you can expect to pay at the pumps Fuel prices across the board will be adjusted at…

Rising crude oil prices amidst escalating fears created by the conflict in Ukraine, is one of the main reasons for a jump in SA fuel prices announced by Minister of Mineral Resources and Energy Gwede Mantashe on Saturday. As from 2 March the price of petrol (both 93 and 95 ULP & LRP) will increase by R1.46/l, that of diesel (0.05% sulphur) by R1.44/l, diesel (0.005% sulphur) by R1.48/l, illuminating paraffin…

This has been a surprisingly tax-friendly budget, thanks to tax collection significantly exceeding expectations. Tax revenue collections for 2021/22 are expected to exceed last year’s Budget estimate by R181.9 billion. While much of this windfall has gone to debt reduction, the Covid-19 relief grants and funding losses in the KwaZulu-Natal riots, it has allowed government to provide R5.2 billion in tax relief. This is what you need to know: Your…

According to the latest data from the Central Energy Fund, the petrol price is currently set for a hike of around R1.25 a litre, while diesel could be increased by R1.29. Given the current outlook, 95 octane petrol in Gauteng could cost around a record high R21.39/l from the first week in March, with 93 octane petrol increasing to R21.13/l, the Automobile Association said in a statement. The coastal price of…

The state-run Nigerian National Petroleum Corporation (NNPC) blamed the week-long shortage on imported adulterated petrol.  The fuel shortage pushed up public transport costs.  The NNPC said it had enough stock to end the shortage.  Nigeria's state-run oil company said it had started a 24-hour distribution of petrol to service stations to end a week-long scarcity that has caused traffic snarls in major cities. The fuel shortage which started last week…

A week-long petrol scarcity is fraying nerves in oil-producing Nigeria as gas stations run out of stock, causing long queues of motorists in major cities. The fuel shortage started last week in the commercial city of Lagos and administrative capital Abuja with few petrol stations selling the product. The state-run Nigerian National Petroleum Corporation (NNPC) blamed the situation on importation of adulterated petrol by four oil marketers into the country.…

Environmental groups are opposing the lifting of a moratorium on new licences for bunkering in Algoa Bay. Activists are concerned about the risk the activity of transferring fuel from ship-to-ship at sea has on marine life. The moratorium was initially put in place in August 2019, when just a month earlier, there was an oil spill during bunkering activity. Environmental groups have launched a petition to oppose the lifting of…

The Automobile Association of South Africa wants the government to review fuel taxes urgently. General Fuel Levy and Road Accident Fund Levy of key concern regarding high gas prices. AA asks consumers to sign a petition that it will present to the government to review the fuel price. For motoring news, go to Wheels24 2021 saw fuel prices reach record high levels in South Africa of more than R20 per litre,…

BP and Shell will next month halt operations at Sapref indefinitely as they mull over the future of the refinery. "The decision has been taken to allow an informed finalisation on the various options available to the shareholders, a sale option being the most preferred," the companies said in a joint statement on Thursday afternoon. "Until decisions about the future of the plant have been made – including a possible…

Standard Bank has been singled out for still considering financing the East African Crude Oil Pipeline project. Standard Bank says its participation is subject to findings of environmental and social due diligence assessments. The project is a collaboration between Total and China National Offshore Oil Corporation, and will export oil from Uganda to Tanzania. Of South Africa's five major banks, Standard Bank has been singled out by critics for considering…