Petrol prices currently still look set for a small cut at the start of July. Diesel, however, may be hiked. Based on the current oil and rand prices, the latest data from the Central Energy Fund shows that diesel prices may be increased by 10c to 15c a litre, depending on the grade. Petrol 95 and 93 unleaded may be lowered by 6c a litre and 15c, respectively. However, there…

Nigeria's new President Bola Tinubu on Monday said his decision to remove a popular petrol subsidy would impose an extra burden on citizens but this would free up money for education, regular power supply, transport infrastructure and healthcare. The subsidy had kept petrol prices cheap for decades in Africa's biggest economy but it became increasingly costly for the country - the government spent $10 billion last year - leading to…

Five people have been killed in central Angola after police opened fire on a group of taxi drivers and other demonstrators who were protesting high petrol prices after the government's decision to reduce fuel subsidies. "The city of Huambo is calm now. A stable public safety situation," local police spokesman Martinho Cavito told AFP on Tuesday after the deadly clashes on Monday. Police had said Monday that "it was not…

On Wednesday, the petrol price (both 93 and 95 unleaded) will be cut by 71c a litre, while diesel will be lowered by either 80c or 84c al litre depending on the sulphur content. Illuminating paraffin will be 43c a litre cheaper. South African fuel prices are largely determined by international oil costs and the rand exchange rate, as oil is priced in dollars. The rand took a large hit…

Despite recent rand weakness the fuel outlook for June remains positive, with significant reductions in all fuels likely during the month. Commenting on unaudited mid-month data from the Central Energy Fund (CEF), the Automobile Association (AA) says lower international product prices are the reason behind the predicted decreases. “The weaker Rand/US Dollar exchange rate, though, is taking away from the forecast decreases which would have been more significant had the…

Despite the rand crashing to record low levels last week, fuel prices currently still look set for a cut at the start of June. Based on the latest oil and rand prices, the latest data from the Central Energy Fund shows that diesel prices could be lowered by R1.06 to R1.13 a litre, depending on the grade. Petrol (both 95 and 93 unleaded) could be cut by around R1 a…

For more financial news, go to the News24 Business front page. Shell unveiled Thursday a sharp jump in profits, capping a blockbuster first-quarter earnings season for global energy majors that have shrugged off weaker gas and oil prices. BP and Shell in Britain, ExxonMobil and Chevron in the United States, and TotalEnergies in France have together logged more than $40 billion in net profits for the three months to March. "Looks…

British energy giant Shell on Thursday posted soaring first-quarter profit, as falling costs and a better performance at its chemicals division offset lower gas and oil prices. Profit after tax leapt 22 percent to $8.7 billion (R160 billion) from a year earlier, when it had faced a large $3.9 billion charge over its exit from Russia after Moscow invaded Ukraine. Adjusted earnings rose six percent to 9.6 billion and revenue…

MTN Group said its largest operating unit added a net 1.1 million new subscribers, taking its total active user base to 76.7 million Nigerians during the quarter ended March 2023. MTN Nigeria released its first quarter results in that country on Thursday. The  rollout of improved communications infrastructure brought an additional 170 5G sites across the oil-producing nation, taking data coverage to 4% of the population of over 200 million…

The wholesale diesel price looks set for a cut on Wednesday next week, but petrol may become pricier. Based on the latest oil and rand prices, the latest data from the Central Energy Fund shows that diesel prices could be lowered by 26c to 51c a litre, depending on the grade. Unleaded 95 petrol, however, may be hiked by around 60c. Fuel prices are determined by the price of oil…