Oceana has seen its headline profit fall by 50%, due in part to higher costs related to lengthy audit process and forensic investigation. The owner of the Lucky Star canned fish brand hiked prices in January, and plans another increase next week due to fuel and freight cost pressures.  After PwC resigned as its auditor, citing a strained relationship with Oceana’s board, Oceana said it is "well placed" to appoint…

A shortage of oil refineries across sub-Saharan Africa coupled with soaring crude prices because of the war in Ukraine has left countries dangerously short of fuel supplies, disrupting airlines and causing queues at filling stations. The surge in prices comes in tandem with a spike in the cost of food has hit government and aid agency budgets, putting at risk the livelihoods of tens of millions of people already living…

This month, you'll be expected to dig even deeper into your already emptying pockets in order to afford the mere basics – bread, grains, oil and petrol. However, as the fuel prices rise from the first week of June, financial expert Thobelani Thwala advises consumers not to panic. Rather start considering alternatives to adjust to the upcoming increase in the cost of living, says the financial planner. “Look out for…

With the price of petrol having gone up by R2,43 and diesel R1,10, Pietermaritzburg residents shared how the rising fuel prices are affecting their finances. Jill Mcmillan said, “Everything is on the increase due to the rising petrol prices. I’m having to pay more money for my workers’ transport. I’ll definitely be considering lift clubs and thinking more carefully about trips.” Yanga Zembe-Zondi said, “It’s horrific. My petrol costs have…

Government has given motorists a reprieve after extending a R1.50 temporary reduction in the fuel levy to the end of August. The fuel levy reduction, which was initially introduced in April, was meant to end on May 31. If government had not acted, motorists would have had to pay almost R4 a litre more at the pumps from Wednesday. South Africa, which imports its oil, has had to deal with…

Standard Bank continues to come under fire for its involvement in a crude oil pipeline. The bank is a financial advisor to the project but has not yet taken a decision to fund it. Activists say Standard Bank continues to fall back on the same, nonfactual arguments about fossil fuels. Responding to fierce criticism of its support of an East African oil pipeline, Standard Bank said it had not yet decided…

The story: The price of petrol 95 unleaded will rise by R2.33 a litre on Wednesday, while 93 petrol will go up by R2.43 a litre, the Department of Mineral Resources and Energy announced on Tuesday. The details: Diesel prices will rise by R1.10 (0.05% sulphur) per litre and R1.07 (0.005% sulphur) per litre respectively, while illuminating paraffin will be R1.56 more expensive per litre. The maximum LPG as retail price will…

The story: Treasury has decided to grant an extension of the reduction in the general fuel levy, which will soften the fuel price hike on Wednesday. The details: The petrol levy was cut by R1.50 a litre for April and May as government sought to relieve the economic stress of surging fuel prices. Around R6 billion of the state's strategic oil reserves were sold to fund the levy cut. But the sale…

Treasury has granted an extension of the cut to the general fuel levy. Without an extension of the cut, petrol prices would have been hiked by almost R4 on Wednesday. Around R6 billion of the state's strategic oil reserves were sold to fund the original levy cut - but this will not entirely fund the extension, meaning there will be a revenue loss of around R4.5 billion. Treasury has decided…