Sri Lanka, which is going through an economic crisis, recently received a delivery of Russian oil. The oil delivery has been on hold for a month as the country could not raise the $75 million to pay for it. Sri Lanka is in talks with Russia to arrange direct supplies of crude, coal, diesel and petrol. Cash-strapped Sri Lanka took delivery Saturday of Russian oil - which could soon be…

A group called the People Against Petrol and Paraffin Increases (Pappi) has urged citizens to protest following another record fuel price hike. The organisation said the expected sharp fuel hike will not only affect motorists, but will also cause huge financial strain on businesses, public transport commuters and every person in the country. It is estimated that there will be an increase of around R2,31 per litre for petrol. That…

The story: Minister in the Presidency Mondli Gungubele has confirmed the government is deliberating on how best to ease the burden on citizens as fuel hikes loom. In quotes: "Whether the government will intervene again and ensure that fuel prices remain reasonable as it’s a matter that affects the entire country is receiving special consideration because it affects our economy very strongly," said Gungubele. The context: Fuel prices are set to increase by…

The latest estimates predict a petrol price increase of between R1.93 and R1.97 a litre in the first week of June, while diesel is expected to increase by between R1.60 and R1.62 a litre. In addition, the R1.50 discount on the general fuel levy will fall away at the end of May. Together, this will "result in price shocks never seen before", says the Automobile Association (AA).    According to…

Current unaudited data from the Central Energy Fund (CEF) is pointing to massive fuel price increases across the board for June. The Automobile Association (AA) says consumers could face further pressure because government’s earlier relief of reducing the General Fuel Levy (GFL) ends in May, which, when returned to the GFL, will result in price shocks never seen before. “In late March government reduced the GFL by R1.50 for April…

Russia's growing isolation will not create an "acute" global oil supply crunch as production from other countries is rising and demand from China is falling, the International Energy Agency said Thursday. The IEA, which has previously warned that Moscow's invasion of Ukraine could spark a global supply "shock", said EU and G7 plans to ban Russian oil imports would "accelerate the reorientation of trade flows" and force Russia to slash…

Eskom has relied extensively on Open Cycle Gas Turbines powered by diesel to meet electricity demand. Soaring global diesel prices will impact Eskom's diesel spend, estimated to exceed R15 billion this financial year. South Africans have experienced 32 days of load shedding so far this year, according to Eskom. As Eskom relies on open-cycle gas turbines, which feed off diesel to meet energy demand, it expects to feel the impact…

While Kaap Agri faced ongoing pressure on its retail category, its agri and fuel operations saw strong revenue growth in the six months to March 2022, CEO Sean Walsh said on Tuesday. During the interim period, group revenue grew by 26.7% to R7.2 billion compared to the previous comparable financial period. EBITDA, which excludes both interest received and interest paid, grew by 13.0%. Headline earnings per share increased by 13.9%…

Load shedding now hits an average of every 2.3 days, mostly at Stage 2. That is despite liberal use of diesel-fired – and expensive – open-cycle gas turbines intended to bridge short gaps. Planned maintenance levels are higher than last year. Now, Eskom's numbers show, unplanned outages are heading towards 30%. For more stories go to www.BusinessInsider.co.za. A third of the way into May, Eskom is setting a record-breaking pace for…

The world doesn't have systems to trace the origins of Russian oil processed outside the country, says Shell's CEO. This means products like diesel or jet fuel refined with Russian crude elsewhere may bypass sanctions. Earlier this week, the EU proposed a ban on Russian oil imports.  For more stories visit Business Insider. The European Union is planning to ban Russian oil, while many other countries are also shunning energy…