The average gallon of petrol in the US declined to $4.113 (R69) on Friday, compared to $4.800 (R81) one month ago.  Prices have declined in recent weeks, however they remain 28.9% higher than one year ago's $3.190 (R55) rate.  Fuel demand has dropped off dramatically, hitting levels not seen since the pandemic in July 2020, EIA data shows.  For more stories, go to www.BusinessInsider.co.za. US gas prices declined to $4.113 (R69)…

The federal government's announcement of a halved fuel excise is no doubt music to many people's ears. Following  Australia's budget release, the excise (a government tax included in the purchase price of fuel) was halved from 44.2 cents per litre to 22.1 cents. South Africa also sees a small drop in fuel for the first time in months, albeit almost insignificant. It should provide some respite from high petrol and diesel…

To help its customers to keep their heads above water during this difficult economic period, Absa will be providing significant additional fuel cash back through the Absa Rewards Programme for the next three months. From 16 July to 16 October 2022, Rewards members will earn up to 40% cash back when they fill up at Sasol. At present, Absa Rewards members can earn up to 30% real cash back every…

Sasol, South Africa’s biggest fuel producer, restarted the Natref refinery it owns with TotalEnergies after delayed oil deliveries last month resulted in a shutdown. The disruption caused Sasol to declare a force majeure on petroleum products, which remains in effect. The 108,000 barrel-a-day plant is now "online and production ramp-up is in progress", the company said in response to emailed questions. Natref’s shutdown also meant the whole of South Africa’s…

Four suspected diesel thieves were caught red-handed in Parow early on Monday morning. The men were caught while the truck driver was asleep in the vehicle. They had siphoned off approximately 125 litres of diesel by the time traffic officers arrived. Four men have been caught in the act of stealing diesel from a truck parked in Parow. The men - aged 26, 28, 31 and 39 - were arrested…

As interest rates increase to curb rising inflation, coupled with fuel and loadshedding, amongst other challenges - all putting pressure on the profit margins of SMEs, FNB says the silver lining potentially lies in managing cash flow effectively and efficiently. The past few months haven't been easy for small businesses as fuel increases have significantly increased the cost of transporting goods. Moreover, loadshedding has resulted in some businesses losing revenue…

Energy providers Centrica and Shell both just booked record profits as fuel costs rise. Europe is experiencing a gas crisis, with one key benchmark doubling in two months. British households' energy bills could have tripled by the end of the year, according to the consultancy firm BFY. For more stories, go to www.BusinessInsider.co.za.  Soaring gas prices are bad news for consumers - but they're helping major energy companies to rake in…

Energy providers Centrica and Shell both just booked record profits as fuel costs rise. Europe is experiencing a gas crisis, with one key benchmark doubling in two months. British households' energy bills could have tripled by the end of the year, according to the consultancy firm BFY. For more stories, go to www.BusinessInsider.co.za.  Soaring gas prices are bad news for consumers - but they're helping major energy companies to rake in…

Italian energy company Eni has made a second oil and gas discovery offshore from Ivory Coast in less than a year, raising the country’s profile as a producer and increasing the fossil fuel resources found in the area by about 25%. The Baleine field now holds an estimated 2.5 billion barrels of oil and 93.4 billion cubic metres of associated gas, following the drilling of an exploration well in block…

Fuel prices will see a large drop on Wednesday, thanks in part to a cooling oil price. Petrol prices will be cut by R1.32 a litre, for both 93 and 95 unleaded, while diesel prices will be lowered by 88 cents a litre (0.05% sulphur) and 91 cents (0.005% sulphur) a litre, the Department of Mineral Resources and Energy announced on Saturday evening. In Gauteng, the price of 95 unleaded…