Oil cuts by Saudi Arabia and Russia will cause a "significant" global supply shortfall through the end of the year, raising the risk of further market volatility, the International Energy Agency said Wednesday. The warning in the IEA's monthly market report comes a day after oil prices jumped following OPEC's own update showed that the gap between global supply and demand would be the widest since 2007. "The Saudi-Russian alliance…

On Tuesday (12 September), India's road transport minister said he would propose an additional 10% tax on diesel vehicles and warned automakers of even higher levies to come to force them away from diesel burners and cut fuel emissions and pollution. Nitin Gadkari made the comments at the Society of Indian Automobile Manufacturers (SIAM) annual conference in New Delhi, where executives of Tata Motors, Mahindra and Mahindra, Maruti Suzuki and…

On Wednesday, the petrol price (both 93 and 95 unleaded) will be hiked by R1.71 a litre. The wholesale price of diesel will be increased by a painful R2.84 a litre. According to the Automobile Association (AA), this is a record price increase. Illuminating paraffin prices will be hiked by R2.78 a litre. A litre of 95 unleaded petrol will now cost R24.54 in Gauteng, the highest level since August 2022.…