Oil cuts by Saudi Arabia and Russia will cause a "significant" global supply shortfall through the end of the year, raising the risk of further market volatility, the International Energy Agency said Wednesday. The warning in the IEA's monthly market report comes a day after oil prices jumped following OPEC's own update showed that the gap between global supply and demand would be the widest since 2007. "The Saudi-Russian alliance…

On Tuesday (12 September), India's road transport minister said he would propose an additional 10% tax on diesel vehicles and warned automakers of even higher levies to come to force them away from diesel burners and cut fuel emissions and pollution. Nitin Gadkari made the comments at the Society of Indian Automobile Manufacturers (SIAM) annual conference in New Delhi, where executives of Tata Motors, Mahindra and Mahindra, Maruti Suzuki and…

On Wednesday, the petrol price (both 93 and 95 unleaded) will be hiked by R1.71 a litre. The wholesale price of diesel will be increased by a painful R2.84 a litre. According to the Automobile Association (AA), this is a record price increase. Illuminating paraffin prices will be hiked by R2.78 a litre. A litre of 95 unleaded petrol will now cost R24.54 in Gauteng, the highest level since August 2022.…

Chemicals and energy group Sasol said on Wednesday its application to have its sulphur dioxide emissions from boilers at Secunda judged on mass and rate rather than concentration has been denied, though it will be appealing to the Department of Forestry, Fisheries and the Environment. In June 2022, the group had applied to the National Air Quality Officer seeking to be regulated by a load-based emission limit, rather than a…

Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because it could further lift energy bills and worsen the cost-of-living crisis. Wael Sawan was asked about recent comments from UN head Antonio Guterres, who had declared it was "moral and economic madness" to invest in new fossil fuel infrastructure. Guterres made the remarks in April when he also accused governments and businesses…

The head of French firm TotalEnergies says national oil giants from the Gulf and other nations must pull their weight against global warming, and the Emirati oil executive chairing the COP28 climate summit is right man to press them. The appointment of Sultan al-Jaber as head of the COP28 talks to be held in Dubai later this year has been controversial because he heads the United Arab Emirates' Abu Dhabi…

Abdoulaye Diallo is paying over 50% more to fill up his "thiak-thiak" motorbike taxi in Keur Mbaye Fall, a suburb of Senegal's capital Dakar, than he was before the government began lifting fuel subsidies in January. Diallo, 25, is already navigating punishing inflation and deadly political riots, but his biggest problem is he cannot pass on the cost of filling his fuel tank, which has risen to 3 500 CFA…

According to a statement released by the Automobile Association (AA) on June 30, petrol and illuminating paraffin prices are set for a second consecutive month of price decreases when fuel prices are officially adjusted on July 5, while diesel is expected to increase. This is according to the latest unaudited data from the Central Energy Fund (CEF). AA said, “The breakdown of the data shows that the average exchange rate…

Next week's fuel price adjustment is expected to bring a second consecutive month of price decreases for petrol and illuminating paraffin, according to unaudited data from the Central Energy Fund (CEF). However, the Automobile Association (AA) warns that diesel prices are likely to increase. In a statement from AA spokesperson Layton Beard, the organisation highlights that the data indicates a decline in the average exchange rate used in the basic…

Things have been topsy turvy lately on the roadsides of West African nations where cheap contraband petrol from Nigeria has abruptly doubled in price, upending an informal sector that is central to the region's economic activity. Since Nigeria scrapped a state fuel subsidy on May 31, black market fuel vendors and commercial drivers in Cameroon, Benin and Togo who were heavily reliant on petrol smuggled from Nigeria have seen their…