s of 1 June, the Carbon Tax Act and the Customs and Excise Amendment Act will be effective. The Customs and Excise Amendment Act primarily deals with administrative issues surrounding the implementation of the new carbon tax. So, what does this mean for motorists? Jakkie Olivier, CEO of the Retail Motor Industry Organisation (RMI), says the carbon emissions taxing is undoubtedly a method to curb unscrupulous operators from paying no…

The annual rate of producer price inflation for final manufactured goods rose to 6.5% in April, up from 6.2% in March, according to Stats SA. This was above the expectations of most economists. Ahead of the announcement, NKC African Economics projected a year-on-year increase of 6%. Subscribe to Fin24’s newsletter here The main contributor to the increase was higher fuel prices. The price of petrol rose by 12.5% in the past year…

At its annual general meeting in May, 99% of BP's shareholders passed a resolution requiring the oil and gas giant to be transparent about how it's lowering carbon emissions each year. The request came from Climate Action 100+, a group of 338 institutional investors with more than $30 trillion (R437 trillion) in assets under management. Investors are pushing the world's largest fossil fuel companies, as well as the world's other…

There is much debate around whether 95 Octane petrol is an essential to get the best performance out of your car and to avoid unnecessary wear and tear. "This is a question that often pops up in the industry," says Jakkie Olivier, CEO of the Retail Motor Industry Organisation (RMI). Towards the end of last year there was also an attempt by Government to bring about change to the existing…

South Africa’s carbon tax bill has been nearly a decade in the making but still caught many South Africans by surprise when it was signed into law by President Cyril Ramaphosa on 26?May, in a clear indication that he is willing to forge ahead with unpopular economic reforms. Critics have argued that the country cannot afford a tax on carbon emissions at a time when the economy is stuttering, unemployment…

Motorists can expect petrol price to drop by about 10 cents a litre in June, the Automobile Association predicted on Tuesday, based on unaudited month-end data released by the Central Energy Fund.  But the introduction of the carbon tax - which will add nine cents a litre to the petrol price - will likely cancel out the drop. The AA foresees that diesel users are looking at an increase of…

Variable international oil prices, and an equally unpredictable Rand/US dollar exchange rate, have combined to provide a mixed picture for fuel prices in June, reports the Automobile Association (AA), quoting unaudited month-end data released by the Central Energy Fund. "International oil prices have been up and down in May 2019. The basic petrol price has traded between 740 and 780 cents a litre, which averages out 19 cents lower for…

The impact of the expected fuel price increase in May will be wide reaching, according to George Mienie, CEO of AutoTrader, South Africa’s largest online vehicle marketplace. And the effects will not only be felt in May… Mienie says that the fuel price increases are bad news for original equipment manufacturers (OEMs), dealers, banks, fuel companies, government and members of the public. 1. Manufacturers are likely to feel the pinch…

SOUTH Africans have come to expect regular increases in the petrol price. At the beginning of the month, the price rose to R16,48 a litre. According to the AA, motorists will have to prepare themselves for yet another price increase at the beginning of next month. The AA says the coming carbon tax is likely to add 9c a litre to the petrol price and 10c to the diesel price.…

Zimbabwe has announced a massive fuel price hike after the country's central bank said it would no longer provide fuel dealers with funding for petrol and diesel. Fuel prices increased by 46% for petrol and 49% for diesel on Tuesday, according to the Zimbabwe Energy Regulatory Authority. The price of petrol has increased to RTGS$4.97, up from RTGS$3.36. A litre of diesel will cost RTGS$4.89, up from RTGS$3.22. RTGS$ stands…