Industry News

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29
Aug

Fuel prices still on track for a cut next week – but margin is shrinking

Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. According to the latest data from the Central Energy Fund, the price of 95 unleaded petrol is expected to fall by around R2.28 a litre in the first week of September. The price of 93 petrol could drop by around R2.12 a litre. Diesel could be reduced by more than a rand a litre. The price of illuminating paraffin…

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29
Aug

Engen may be up for sale again, and it’s attracting global interest

Get the biggest business stories emailed to you every weekday or go to the Fin24 front page. Malaysian state energy company Petroliam Nasional has revived a sale of Engen, South Africa’s largest fuel station chain, people familiar with the matter said. Petronas is working with advisers to solicit bids for its controlling stake in the fuel retail business, which could fetch about $2 billion (almost R34 billion), according to the people. It’s attracting interest from suitors…

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29
Aug

TotalEnergies says Russian partner denies fuelling Ukraine strikes

Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. France's TotalEnergies said Friday that its Russian joint venture partner had confirmed it was not supplying Moscow with jet fuel to carry out strikes in Ukraine, following an investigative report by French daily Le Monde. While most global energy giants have quit operating in Russia since its invasion of Ukraine, TotalEnergies has kept its lucrative natural gas operations in the…

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26
Aug

Britain imports no fuel from Russia in June for first time on record

No fuel has been imported from Russia to Britain in June for the first time since records began 25 years ago. The British government has banned the import of some Russian products as part of its economic sanctions package. Britain will also phase out imports of Russian oil by the end of the year. Britain imported no fuel from Russia in June for the first time since records began 25…

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23
Aug

OPINION | SA should build local refinery capacity to avoid further economic meltdown

The answer to SA's energy problems, holding all else constant and considering the complexity of climate change, is building domestic refinery capacity for crude oil, writes Bonga Makhanya. Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. International trade has started to recover from the Covid-19 pandemic. The recovery in international trade in 2021 was largely due to increased commodity prices, subsiding pandemic restrictions and a strong recovery in…

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23
Aug

Total expected to confirm gas output from large SA offshore find

Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. South Africa expects TotalEnergies to submit a production plan within weeks to utilise a prolific offshore gas discovery that will form a key part of increasing investment in the sector.Petroleum Agency South Africa is "very confident" that the French major will finish talks with state-owned PetroSA and complete the required output plan to retain the licence, which would otherwise expire…

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23
Aug

Alarmist’: Mbalula shuts down speculation that e-tolls will be funded by fuel levy hike

Transport Minister Fikile Mbalula has hit back at the Organisation Undoing Tax Abuse for raising concern that the fuel levy might be increased to fund the e-tolls system in Gauteng. Mbalula previously said that the e-tolls issue will be raised in the medium-term budget in October. OUTA is speculating that expected fuel price cuts in September could be used as an excuse to increase the fuel levy. Get the biggest business…

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23
Aug

Why petrol, diesel prices are on track for large cuts next month

The price of 95 unleaded petrol could be lowered by around R2.60 a litre in the first week of September.  This will be thanks to a sharp slump in oil prices, while the rand has gained ground. Oil prices are under pressure amid concern about the Chinese economy, and reports that the Iran nuclear deal could be revived, which will add 2.5 million barrels to the market every day. Get…

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16
Aug

Fuel decreases on the horizon – AA

Significant decreases to fuel prices across the board are expected in September based on current unaudited mid-month data from the Central Energy Fund (CEF). And, says the Automobile Association (AA), the expected decreases will not be mitigated by any refunds to the General Fuel Levy (GFL), so they will be substantial. “The decreases to fuel prices in August were offset somewhat by the 75c/l for petrol and diesel which were…

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16
Aug

Why petrol, diesel prices are on track for large cuts next month

The price of 95 unleaded petrol could be lowered by around R2.60 a litre in the first week of September.  This will be thanks to a sharp slump in oil prices, while the rand has gained ground. Oil prices are under pressure amid concern about the Chinese economy, and reports that the Iran nuclear deal could be revived, which will add 2.5 million barrels to the market every day. Get…

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