MINERAL Resources and Energy Minister Gwede Mantashe said Mzansi should prepare for a fuel increase! From tomorrow, 95 octane petrol will increase by 18 cents, while 93 octane petrol will decrease by 4c a litre. Diesel and paraffin are each set to go up by 25 cents a litre, on Wednesday. Mantashe said the main reason for the fuel increase are higher oil prices and the attack on Saudi Arabian oil…

he price of 95 octane petrol will go up by 18 cents a litre, while 93 will cost 4 cent less a litre, the department of energy has confirmed. The price of 95 octane will be R16.21 c/l inland and R15.57 c/l along the coast. The October price adjustments will kick in on Wednesday October 2 and are in line with the expectations of the Automobile Association Subscribe to Fin24’s newsletter…

South Africans can expect to pay around 18-19 cents per litre more for 95 octane petrol in October, as higher global oil prices caused by an attack on a major Saudi oil installation filter through to the pockets of SA motorists, say analysts. The Automobile Association expects a jump of around 19 cents for 95 octane. The price for 93 octane petrol, on the other hand, is expected to decline slightly.…

All hope of a fuel price cut in October is likely lost, according to the latest data from the Central Energy Fund (CEF). A strong rand rally at the start of September initially put the petrol price on track for a cut in the first week of October. But then an attack on a major oil facility in Saudi Arabia triggered a record one-day oil price surge. "The refinery strike was…

Hundreds of litres of diesel, amounting to more than R3,6 million, have been stolen from Msunduzi and sold by unscrupulous municipal employees around the city. This was revealed in a recent confidential progress report on forensic investigations conducted by the City’s internal audit unit that was leaked to The Witness. In it, the chief audit executive Petrus Mahlaba detailed the preliminary findings of the probe into the theft of large…

An attack on a major oil facility in Saudi Arabia means that a predicted drop in the petrol price for October will be lower than anticipated, according to the Automobile Association. The AA was on Wednesday commenting on unaudited mid-month fuel price data released by the Central Energy Fund. "The refinery strike was a game-changer for the way oil price stability is viewed. At a single stroke, five to seven…

Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply. As state oil producer Saudi Aramco grows less optimistic that there will be a rapid recovery after the strikes that cut the nation’s output by half, investors are looking for clarity on just how bad it could be. Initially, it was said significant…

Oil surged along with gold and Treasury futures after a strike on the heart of Saudi Arabia’s oil production increased geopolitical risk concerns. US and European equity futures declined, while shares in Asia were mostly lower. Oil posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the US has blamed on…

A no-deal Brexit could result in thousands of job losses, disrupted medical supplies, and public disorder, according to newly-released UK government documents. The UK Parliament voted to force the government to publish the document on Monday, an earlier version of which had been leaked to the Sunday Times in August. Ministers insisted the document represented a "worst-case scenario." Labour's shadow Brexit secretary Keir Starmer said: "It is completely irresponsible for…

BP’s CEO plans to sell some oil projects and curb the development of others to align its business with the Paris accord, the latest sign climate concerns are starting to impact the investment decisions of the world’s largest fossil fuel producers. Senior BP executives met within the last few days to discuss how to cut carbon as it grapples with a shareholder resolution requiring the company to explain how its…