Government is considering fixing a maximum price for unleaded fuel to cushion the country from escalating prices, Energy Minister Jeff Radebe said on Thursday. "Government is deeply concerned by the rising cost of petrol in South Africa which is largely caused by the rand dollar exchange rate, and the price of crude [oil]," said Radebe at a post-Cabinet briefing. A task team, including officials from the Department of Energy and…

With more than 40% of South African consumers being technically over-indebted, the reality is that most of them are no longer able to make any further adjustments to their budgets, Neil Roets, CEO of Debt Rescue, told Fin24 on Monday. He said average SA consumers were already struggling to make ends meet, and prioritising fuel in line with the rest of their budget is placing them under increased pressure. Both…

A bleak festive season is on the cards if the current rate of fuel increases continues over the next two months, an economist warned following the announcement of a steep hike effective from midnight on Tuesday. “We might face a dim festive season if the current pace of fuel price increases is sustained in the two months ahead," said Paul Makube, Senior Agricultural economist at FNB Agri-Business. The Department of…

The price of petrol will push to a record high from midnight on Tuesday, with the Central Energy Fund (CEF) announcing that under-recovery in August would prompt fuel increases ranging from 99c to R1.79. Amid some speculation, the CEF has not passed on the increases from September's fuel price intervention, when price rises were capped at 5c a litre in a bid to take some pressure of motorists. The price…

Fuel prices will sky-rocket to its most expensive yet come Wednesday, according to the latest increase announced by the Department of Energy (DoE). Both grades of petrol, 93 and 95 (ULP & LRP), will increase by 99 cents and 100 cents a litre (c/l) respectively from midnight on Tuesday. This brings the overall retail price of 95 ULP for motorists in Gauteng to R17.08 c/l and R16.49 c/l at the…

Rising oil prices are prompting forecasts of a return to $100 a barrel for the first time since 2014, creating both winners and losers in the world economy. Exporters of the fuel would enjoy bumper returns, giving a fillip to companies and government coffers. By contrast, consuming nations would bear the cost at the pump, potentially fanning inflation and hurting demand. The good news is that Bloomberg Economics found that…

Two teams from Central South Africa are flying the region's flag high at the biennial Sasol Solar Challenge. The teams from the Central University of Technology and North West University are currently en route to Bloemfontein after their epic journey started off in Pretoria yesterday. During the eight-day event the local and international teams will compete in solar vehicles they've designed and constructed themselves to cover the most distance, following…

Brent oil soared on Monday close to $81, reaching the highest level since November 2014 after OPEC and other global producers snubbed pressure from US President Donald Trump to dampen prices. At 08;40, Brent North Sea crude for delivery in November soared to a peak of $80.94 per barrel. That was the highest level since November 12, 2014. The benchmark Brent contract later stood at $80.85, up $2.05 from Friday's…

Sasol on Tuesday announced a R1.3bn cash bonanza for its Inzalo Black Economic Empowerment shareholders to be paid out on September 17. Shareholders will receive R85.63 per shares, marking the end of the scheme founded in September 2008. The shares, which launched at R366 per share peaked at R632 in 2014. They have over the years been battered by the commodity price volatility. In 2009 they slumped to R252 per…

Parliament will debate record fuel prices and ideas for economic revival on Wednesday afternoon. Last week Stats SA announced that SA had slipped into a technical recession - defined as two successive quarters of negative economic growth - for the first time since 2009. The DA, who asked for the economic revival debate, said on Monday the recession was not caused by negative global economic conditions, but was the "home-grown"…