For more financial news, go to the News24 Business front page. Fuel prices could be slashed by as much as R2.80 in the new year, bringing welcome reprieve to cash-strapped motorists, the latest information from the Central Energy Fund shows. The fund's data shows that 95 unleaded petrol could be cut by R1.94 in January, with 93 petrol due for a R1.95 decrease. Diesel prices could enjoy even steeper cuts of as much as…

A unit at Eskom's Matla power station in Mpumalanga suffered a fire incident on Wednesday afternoon as a result of a fuel oil leak. According to sources at the power utility, spilled fuel oil ignited and started a fire at the power station's unit 6 boiler, resulting in damage to electrical cables at the 3 600MW plant. The fuel oil was isolated and a fire team extinguished the fire. There…

Tanker charter prices are sky-high for ships willing to transport Russian oil amid sweeping sanctions. Middle East and Asian buyers are opportunistically snapping up aging oil tankers to ship Russian fuel. Prices for 20-year-old Aframax tankers have nearly doubled this year. For more stories visit Business Insider. Sweeping sanctions, boycotts, and restrictions on Russian oil have spurred opportunistic profiteering — market entrants are now snapping up aging oil tankers to…

For more finance news, go to the News24 Business front page. On Wednesday, the price of both 93 and 95 unleaded petrol will rise by 59c a litre, while diesel will fall by between R1.52 and R1.57 a litre. In Gauteng, 95 petrol will cost R23.46 a litre from Wednesday, compared to R20.29 a year ago - but down from a peak of R26.74 in July. The Gauteng price of diesel, which reached…

The Organization of Petroleum Exporting Countries and its allies responded to surging volatility and growing market uncertainty by keeping its oil production unchanged. The decision should hold for at least a few months. European Union sanctions on crude exports from Russia come into effect on Monday, and China is tentatively easing the Covid measures that have eroded its fuel consumption. For more financial news, go to the News24 Business front page. OPEC+ responded to surging…

Russia has rejected a $60 price cap on oil, agreed to by the EU, the G7 and Australia. The price cap comes into effect Monday, along with an EU embargo on Russian crude oil. The embargo will prevent Russian crude oil shipments to the EU, potentially cutting off earnings for the war. For more finance news, go to the News24 Business front page. Russia on Saturday rejected a $60 price cap on its…

For more financial news, go to the News24 Business front page. TotalEnergies has applied for environmental authorisation toward developing its gas discoveries offshore South Africa. The move forms part of a production right application in Block 11B/12B, which is available for public comment, according a draft scoping report published online. Development of the block could potentially revive state-owned PetroSA’s 45 000-barrel-a-day Mossel Bay gas-to-liquids plant, which has run out of feedstock. South…