Industry News

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27
Jul

Petrol price may be cut by more than R1/litre next week

Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. South Africans will be getting some relief at the petrol pumps with fuel price cuts in August, the Department of Mineral Resources and Energy confirmed on Wednesday. According to the latest data from the Central Energy Fund, petrol prices currently look set for cuts of between R1.19 and R1.22 per litre, depending on the grade of fuel. Diesel could…

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27
Jul

Crude supply at Sasol’s key Natref refinery ‘partially restored’

Sasol said on Monday that oil supply to its crucial Natref refinery has slowly started up again Sasol declared force majeure on the supply of petroleum products on 15 July, due to delays in delivery in crude oil shipments to Natref Sasol also said that its fuel production dropped 10% in the financial year to end in June, mainly due to a postponed annual plant shutdown, coal supply and quality challenges…

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27
Jul

Warren Buffett’s Berkshire Hathaway has piled about $27bn into Chevron and Occidental Petroleum

Warren Buffett's company has bet about $27 billion on Chevron and Occidental Petroleum this year. The Berkshire Hathaway CEO has discussed the oil business many times over the years. Here are eight of Buffett's most insightful quotes about investing in oil companies. For more stories go to www.BusinessInsider.co.za. Warren Buffett's Berkshire Hathaway has waded deep into the oil business this year, plowing an estimated $27 billion into two fossil-fuel stocks. The famed investor's…

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27
Jul

OPINION | A job means nothing when you can’t afford to get to work

It’s national savings month, and we are awash with well-intentioned messages encouraging South Africans to save. But is the savings message realistic when many can’t meet their basic needs at the end of the month, writes Deon Nobrega. Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. We’ve all seen the headlines lamenting rising inflation, petrol price increases, and the soaring cost of basic food items like cooking oil…

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27
Jul

IT’S OFFICIAL | Govt has started the process to deregulate the petrol price

The formal process to deregulate the price of petrol has started. Energy minister Gwede Mantashe on Friday gazetted his "intention to introduce a price cap" for 93 octane. That will allow retailers to discount petrol however they see fit, something that is currently illegal. The idea was formally floated in March. Mantashe has been sitting on the pronouncement that kicks off the process for three weeks. For more stories go…

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27
Jul

Fuel forecast: Petrol and diesel may be cut next month, if oil weakness lasts

While motorists will pay the full fuel levy for the first time in months in August, there may be some price relief thanks to a weaker oil price.   At the current oil prices, Central Energy Fund data point towards cuts of more than 50c in petrol. However, there is still some time to go before prices are determined. Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. After much pain…

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27
Jul

For now, fuel shortages aren’t expected – even after SA lost its last refinery

South Africa has been left without a single operating oil refinery after Sasol closed Natref amid delayed oil deliveries. Sasol says it doesn't expect supply shortages at fuel stations, for now.  Fuel imports will be ramped up, and Sasol's coal-to-fuel plant is at full capacity. Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. At this stage, petrol or diesel shortages are not expected at fuel stations, after South…

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27
Jul

Sasol outage means all South African oil refineries are now shut

Sasol, South Africa’s largest fuel producer, declared force majeure on the supply of petroleum products due to delays in deliveries of crude to the Natref refinery it owns with TotalEnergies, leaving just a fraction of the country’s fuel-production capacity still operational. Natref, a 108 000 barrel-a-day plant, was forced to shut after the late oil shipments, the company said in a statement. “Sasol Oil will not be in a position…

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21
Jul

amaBhungane | Sasol, CEF to open new ‘gas bridge’ to Mozambique

Amid Stage 6 load shedding and calls for the president to declare an energy emergency, government's Central Energy Fund is investing billions to open a "gas bridge" to Mozambique. Two deals – the creation of a new state-owned gas trading entity and the acquisition of part of Sasol's stake in the Rompco pipeline – will incentivise government to burn more gas even as numerous studies warn against the economic and…

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21
Jul

Fuel forecast: Petrol and diesel may be cut next month, if oil weakness lasts

While motorists will pay the full fuel levy for the first time in months in August, there may be some price relief thanks to a weaker oil price.   At the current oil prices, Central Energy Fund data point towards cuts of more than 50c in petrol. However, there is still some time to go before prices are determined. Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. After much pain…

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