Oil surged to a two-month high over $123 a barrel Tuesday after the EU agreed a ban on most Russian imports. Chinese authorities loosened restrictions in Beijing and Shanghai, adding to the upward pressure on prices. The EU has agreed to a temporary exemption for pipeline oil imports from Russia, but aims to ban all seaborne trade. For more stories visit Business Insider. Oil jumped to a two-month high of…

A R1.50 cut in the petrol levy expires on Tuesday, and an announcement on its extension is expected soon. Without an extension of the cut, petrol prices could be hiked by almost R4 on Wednesday. But government finances will suffer if the hike extension is granted. Petrol prices may be hiked by close to R4 a litre on Wednesday - unless government steps in soon. Fuel prices are usually adjusted…

Russian oil producers are having to rely on a diminishing list of buyers to sell their output.  Lockdowns in China have depressed crude demand, while the EU is trying to ban imports of Russian oil.  An industry expert laid out three possible options Russia has to deal with the situation.  For more stories, go to www.BusinessInsider.co.za. Russia may be reeling in billions in oil revenue, thanks to sky-high crude prices that…

The Algoa Bay oil spill has been contained and is almost completely cleaned up, says Samsa. So far there has been no damage to the clusters of islands, and the sea birds appear to be alright.  Sanccob says no oiled birds have been reported either.  After a massive operation, the Algoa Bay oil spill has been successfully contained and most of it cleaned up before it could spread to beaches…

Sri Lanka, which is going through an economic crisis, recently received a delivery of Russian oil. The oil delivery has been on hold for a month as the country could not raise the $75 million to pay for it. Sri Lanka is in talks with Russia to arrange direct supplies of crude, coal, diesel and petrol. Cash-strapped Sri Lanka took delivery Saturday of Russian oil - which could soon be…

A group called the People Against Petrol and Paraffin Increases (Pappi) has urged citizens to protest following another record fuel price hike. The organisation said the expected sharp fuel hike will not only affect motorists, but will also cause huge financial strain on businesses, public transport commuters and every person in the country. It is estimated that there will be an increase of around R2,31 per litre for petrol. That…

The story: Minister in the Presidency Mondli Gungubele has confirmed the government is deliberating on how best to ease the burden on citizens as fuel hikes loom. In quotes: "Whether the government will intervene again and ensure that fuel prices remain reasonable as it’s a matter that affects the entire country is receiving special consideration because it affects our economy very strongly," said Gungubele. The context: Fuel prices are set to increase by…

The latest estimates predict a petrol price increase of between R1.93 and R1.97 a litre in the first week of June, while diesel is expected to increase by between R1.60 and R1.62 a litre. In addition, the R1.50 discount on the general fuel levy will fall away at the end of May. Together, this will "result in price shocks never seen before", says the Automobile Association (AA).    According to…

Current unaudited data from the Central Energy Fund (CEF) is pointing to massive fuel price increases across the board for June. The Automobile Association (AA) says consumers could face further pressure because government’s earlier relief of reducing the General Fuel Levy (GFL) ends in May, which, when returned to the GFL, will result in price shocks never seen before. “In late March government reduced the GFL by R1.50 for April…

Russia's growing isolation will not create an "acute" global oil supply crunch as production from other countries is rising and demand from China is falling, the International Energy Agency said Thursday. The IEA, which has previously warned that Moscow's invasion of Ukraine could spark a global supply "shock", said EU and G7 plans to ban Russian oil imports would "accelerate the reorientation of trade flows" and force Russia to slash…