Drivers who contract with Uber, Bolt and other ride-hailing services in South Africa embarked on a strike to protest against record-high fuel prices and put pressure on the government to pass industry regulations to protect their rights. The nationwide strike will continue for three days starting Monday, said Vhatuka Mbelengwa, a spokesman for the drivers. A meeting held with government officials on Sunday failed to prevent the labour action, and…

Russian oligarch's yacht captain told the WSJ the crew has barbecued freshly-caught fish as suppliers refuse to fuel the ship. $85 million superyacht believed to belong to Vladimir Strzhalkovsky has been stuck in Norway for over a month. Strzhalkovsky hasn't been sanctioned by the EU, meaning Norway can't seize the vessel. For more stories go to www.BusinessInsider.co.za. The crew aboard a Russian oligarch's superyacht in Norway is catching and barbecuing fish…

Soldiers were deployed to petrol stations in Sri Lanka to help quell unrest over fuel shortages. The country is battling its worst economic meltdown since independence, with resulting shortages of essential goods. In addition to fuel, food, cooking gas and other essentials are also in short supply, and angry protesters have taken to the streets. Colombo – Sri Lanka ordered troops to petrol stations on Tuesday as sporadic protests erupted…

Oil prices extended their rally Tuesday on supply worries as European leaders debated banning imports from Russia, though equities stood their ground despite a tepid Wall Street lead and the prospect of a sharper hike in US interest rates. Both main crude contracts started the week by soaring more than seven percent Monday as EU nations discussed following Washington and putting an embargo on Russian energy imports for its war…

Oil rose for a third straight day as the war in Ukraine neared the end of its first month with no end in sight The global oil market has been pitched into turmoil by Russia’s invasion of Ukraine, with the US and Europe imposing sanctions on Moscow and crude buyers shunning the country’s cargoes In the Middle East, Yemen’s Houthi rebels attacked at least six sites across Saudi Arabia late…

The International Energy Agency on Friday released a plan for an emergency reduction of oil demand. Russia's "appalling aggression" against Ukraine is driving the world toward its biggest oil supply shortage in decades, the IEA said.  Oil prices have gained about 40% in 2022, but are off their highs after Brent hit $139 a barrel. For more stories, go to www.BusinessInsider.co.za. Slashing speed limits and making public transportation cheaper to use…

Oil prices rose while stock markets diverged Friday, the end of another volatile trading week owing to developments in the Ukraine war. Focus remains on Russia's invasion of Ukraine and its impact on the global economy as surging commodity prices ramp up expectations of inflation across the world. Sanctions on Russia have raised concerns it could default on its debt, but Moscow said Thursday it had paid interest on dollar-denominated…

Soaring fuel prices have drawn attention to the millions of litres South Africa loses each year to heavily armed gangs of petrol thieves who terrorise farm workers and seem to understand Transnet fuel flows. Fuel theft not only costs the country millions, it also causes massive environmental damage to agriculture and rivers. Yet, it is unclear who is behind the gangs. We visit Vrede, a Free State town at the…

There has been significant talk the last month of fuel price possibly breaching R40/litre in South Africa. It is an unsettling thought that is sure to impact many families in more ways than one. Those among us who travel vast distances to our place of work will now also have to contend with the increasing prices. Just for April, it's speculated that both petrol and diesel prices could increase by…

Eskom expects running costs for its diesel-fed turbines, which are used to keep the lights on when coal-powered plants break down, to surge as it struggles to keep up with maintenance. Eskom sees about a third of its coal-fired capacity being unavailable at any one time under a most likely scenario, it said last week in a presentation to the National Economic Development and Labour Council (Nedlac), which groups business,…