Shell warned on Thursday that it would take a hit of up to $5 billion (around R73 billion) on its exit from Russia. It previously said it would sell its stakes in all joint ventures with Russian state energy giant Gazprom after the Kremlin launched its assault on Ukraine. The company had also apologised for buying a cargo of Russian oil at a vast discount, adding that it should not…

Twitter has been buzzing after a video of a man sitting in a shopping trolley holding onto the back of a fuel tanker on the freeway was shared on the social media platform. In the video, taken by people in vehicles behind the tanker, the man is seen sitting in a trolley holding onto a fuel tanker that is moving at a high speed in the rain on the N1…

Oil is rising again as the US and Europe prepared to impose more sanctions on Russia  Oil rallied to the highest level since 2008 in the first quarter as Russia’s invasion of Ukraine disrupted supplies in an already tight market With the war in its second month, Russia is facing allegations that its troops massacred civilians in Bucha and other towns, Oil rose as the U.S. and Europe prepared to…

Fuel hikes will be implemented across the board from Wednesday, but they would have been much worse if the fuel levy was not lowered, according to the Department of Mineral Resources and Energy. Mineral Resources and Energy Minister Gwede Mantashe announced the adjustment to fuel prices on Monday. The hikes, which kick in on Wednesday, 6 April, are as follows: Petrol - (both 93 ULP and LRP) - up 28…

Oil prices have fallen to levels that don’t fully reflect the risk of disruptions to Russian exports or the ability of China to keep the coronavirus pandemic under control, according to the world’s biggest independent crude trader. While Brent surged to almost $140 (about R2000) a barrel soon after Russia’s attack on Ukraine in late February, it sunk 13% last week to around $104. That was due to the US…

US President Joe Biden will announce Thursday a record release from US strategic oil reserves in an attempt to curb a politically damaging surge in domestic fuel prices following Russia's attack on Ukraine, the White House said. The measure will dump a million barrels of US government oil a day for six months onto the overheated global market in hopes of dampening inflationary shockwaves ripping through the American economy. "The…

With the fuel price in South Africa hovering at an all-time high, most car owners and drivers are open to any suggestions on how to get a little bit more from their tank. While motorists may get some relief from these record high fuel prices, it is always worthwhile driving as fuel efficiently as possible. Here are five tips to make your tank go further and stay ahead of the…

Government is lowering the general fuel levy by R1.50 a litre from next week to the end of May. Some of the state's strategic oil reserves will be sold to fund this tax hit, which means it won't have any impact on government debt. From June, other measures will be introduced - including a price cap on 93 octane petrol, which means retailers can sell below the regulated prices. The general…

According to the latest data from the Central Energy Fund, petrol and diesel prices currently look set for large increases on Wednesday next week – but not as big as previously expected. Based on the current data, 95 octane petrol is set to increase by R1.84/litre, 93 octane is expected to climb by R1.76/l, diesel by between R2.98/l and R3.14/l and illuminating paraffin by R2.51/l. The expected petrol price hikes…

Sri Lanka’s government extended the duration of daily electricity outages to 10 hours, refiners advised citizens not to queue at fuel stations as diesel runs out, and state-run hospitals don’t have enough life-saving medicines as the nation’s foreign-currency shortage spirals into a worsening humanitarian crisis. "This is a sad day," Morning newspaper cited Janaka Ratnayake, chairman of the Public Utilities Commission of Sri Lanka, as telling reporters in Colombo Tuesday…