India is exploring options for buying Russian crude oil, authorities said Tuesday, with prices there plunging to record lows in the wake of a global backlash to the Ukraine conflict. New Delhi enjoys historic diplomatic and defence ties with Moscow, hosting a rare overseas trip by President Vladimir Putin late last year, and has called for an end to the violence in Ukraine but stopped short of condemning the invasion.…

The oil boom has added fuel to a rally for Angola’s kwanza that’s made it the world’s best-performing currency against the dollar. The currency of Africa’s second-biggest crude producer has strengthened 20% this year, buoyed by surging oil prices, several credit-rating upgrades and the likelihood the central bank will continue to raise interest rates. The worst performing currency is the Russian ruble, down 37% this year amid sanctions against Russia…

Uber Technologies Inc. is tacking on a fuel surcharge to rides and food-delivery orders in a bid to ease drivers' fuel bills amid record-high prices. Uber will apply a fee of 45 cents or 55 cents per trip for rides and 35 cents or 45 cents for Uber Eats delivery orders for the next 60 days, the San Francisco-based company said on Friday. The surcharge will depend on location and trip…

The South African Petroleum Industry Association (SAPIA) and petrol stations in Pietermaritzburg have rubbished claims of a major petrol shutdown being planned for Friday. They were responding to a viral voice note making allegations about a major shutdown of petrol stations and fuel shortages that will supposedly start on Friday. The Witness spoke to a some fuel stations in Pietermaritzburg about these claims and they all said it was a…

Bus drivers in Eswatini's two major cities went on strike on Wednesday, blocking highways leading to two major cities in protest at rising fuel costs, a union said. Drivers of buses and mini-buses blocked the roads leading into Mbabane and Manzini, demanding that government regulators increase fares and salaries. The official price of petrol jumped nearly 6% last month, to 16.25 lilangeni (just under R16) a litre — the third…

Fuel shortages in Nigeria have caused domestic airlines to cancel some internal flights and delay others this week, two of the country's biggest carriers said on Wednesday. Air Peace, Nigeria's biggest carrier by passenger numbers, flying to Dubai and Johannesburg, said it was likely to experience flight disruptions on Wednesday and in the coming days due to jet fuel scarcity. "Unfortunately, the fuel scarcity is starting to seriously impact our…

Environmental teams are working to contain a diesel spill in Meul River. The spill results from fuel theft along a Transnet pipeline on Wednesday. Transnet said security measures have helped reduce fuel theft by 50% in the past year. Fuel theft along a Transnet pipeline has resulted in a diesel spill, which has since spread to Meul River in Free State. According to a statement from Transnet Pipelines CEO Michelle…

The latest data from the Central Energy Fund shows that, at current oil price and exchange rate levels, the price of 95 octane petrol looks set for a hike of R2.32/litre in April. Diesel could be hiked by more than R3. This is due to rocketing oil prices, as Russia is pushed out of the market. There are still almost three weeks to go before the petrol and diesel prices…

The Inkatha Freedom Party (IFP) is calling on government to suspend fuel levies, with immediate effect. IFP spokesperson, Mkhuleko Hlengwa, said the cost of fuel is now at a record high, with more increases on the horizon should the situation in Europe continue to escalate. Hlengwa said each increase has a knock-on effect, sending food prices skyrocketing, and leaving South Africans fearful that tomorrow, getting to work will cost them…

The surge in oil prices is raising alarms for bondholders of Eskom. The premium investors demand to hold Eskom’s 2028 dollar bonds rather than similar-maturity US Treasuries has widened more than 100 basis points since the beginning of February to 711, a 15-month high. And the cost of insuring the utility’s dollar debt against default for five years jumped 15 basis points this month to the highest since April. Eskom…