Industry News

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20
Jan

How to save R17 000 a year in fuel by driving smart

 Fuel prices saw significant hikes earlier in January.  • A 60-litre tank already costs more than R800 to fill up.  • Various factors can contribute to more use of fuel if your car is not in top shape.  • For more motoring stories, go to Wheels24. Following hefty January fuel price increases - petrol by between 40 and 43 cents per litre, and diesel by between 54 and 55 cents a…

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20
Jan

Oil retreats from 10-month high as stronger dollar dents rally

Oil declined from a 10-month high as the dollar strengthened, taking the steam out of a recent rally, while investors assessed what impact a potential U.S. stimulus package will have on driving fuel demand higher. Futures in New York slid 0.9% to trade near $53 a barrel as a stronger dollar reduced the appeal of raw materials like oil that are priced in the currency. President-elect Joe Biden will ask…

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18
Jan

Expect major fuel price hikes in February, AA warns

Unless the picture changes dramatically for South Africa's fragile economy by the end of January, the price of petrol could increase by 80 cents a litre, diesel by around 61 cents a litre, and illuminating paraffin by about 63 cents in February. This is the view of the Automobile Association (AA) based on unaudited mid-month fuel price data released by the Central Energy Fund "The problem is international oil prices,…

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11
Jan

Oil slides below $52 on stronger dollar as rally takes breather

Oil retreated as the dollar strengthened, with the steam coming out of a recent rally, even as President-elect Joe Biden proposed a huge US stimulus package and China’s economic recovery gathered pace. Futures in New York lost 0.9% as a stronger dollar reduced the appeal of raw materials like oil that are priced in the currency. Both West Texas Intermediate and Brent crude are trading in overbought territory, according to…

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11
Jan

Zambia’s fuel subsidy boost hurts chances of winning over IMF

The Zambian finance ministry removed a 16% value-added tax on gasoline and diesel prices from January 1, which it said was necessary to avoid increases at the pump. The IMF opposes subsidies and that could prove to be a stumbling block in the government’s talks for assistance  Subsidy cuts and wage freezes will be a difficult sell to citizens as President Edgar Lungu seeks re-election in August Zambia’s move this…

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11
Jan

The numbers are in: Here’s how much you paid for fuel in South Africa in 2020

The price of fuel fluctuated in South Africa throughout 2020. • Fuel prices were at their lowest in May 2020. • The average price of 95 Unleaded on the coast was R14.06 last year. • For more motoring stories, go to www.Wheels24.co.za Follow @Wheels24 One of the biggest highlights motorists 'enjoyed' in 2020, was the significant drop in fuel prices. When the government imposed hard lockdown (level 5) in late-March 2020, fuel prices saw…

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05
Jan

Pain at the pumps as steep fuel hikes kick in from Wednesday

Motorists will pay north of 40c/l more for petrol and diesel from Wednesday, the department of mineral resources and energy said. The department on Monday issued the fuel price adjustments for January. Steep hikes were previously predicted by the Automobile Association. The fuel adjustments are as follows:   Petrol (both 93 ULP and LRP): 43 c/l increase Petrol (both 95 ULP and LRP): 40 c/l increase; Diesel (0.05% sulphur): 55 c/l…

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05
Jan

Steep fuel price hike expected in January, AA warns

Fuel prices are expected to rise significantly in January, the Automobile Association (AA) warned on Wednesday. It expected steep increases across the board, with petrol likely to rise by up to 43 cents a litre, and diesel and illuminating paraffin by 55 cents. The AA made this prediction based on unaudited month-end fuel price data released by the Central Energy Fund. "The rand has continued to advance against the US…

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26
Nov

Saudi Aramco says Huthi strike tore large hole in oil tank

audi Aramco said Tuesday that a strike by Yemen's Huthi rebels on its plant in Jeddah tore a hole in an oil tank, triggering an explosion and fire that was quickly extinguished. The energy giant took reporters to the distribution facility where damage to the tank was visible the day after the attack, with the top rim left fire-blackened and the railings above buckled from the heat. "Unfortunately the facility…

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23
Nov

Controversial Zuma era sale of South Africa’s strategic fuel stocks reversed

The Western Cape High Court has made a ruling, reversing the sale of SA's strategic crude oil reserves which took place in 2015. In a joint statement, the Strategic Fuel Fund and the Central Energy Fund says there will be consequence management for implicated employees. The SFF will refund monies with interest accrued. The Western Cape High Court has made a ruling, reversing a 2015 sale of SA's strategic crude…

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