According to the latest data from the Central Energy Fund, the petrol price is currently set for a hike of around R1.25 a litre, while diesel could be increased by R1.29. Given the current outlook, 95 octane petrol in Gauteng could cost around a record high R21.39/l from the first week in March, with 93 octane petrol increasing to R21.13/l, the Automobile Association said in a statement. The coastal price of…

The state-run Nigerian National Petroleum Corporation (NNPC) blamed the week-long shortage on imported adulterated petrol.  The fuel shortage pushed up public transport costs.  The NNPC said it had enough stock to end the shortage.  Nigeria's state-run oil company said it had started a 24-hour distribution of petrol to service stations to end a week-long scarcity that has caused traffic snarls in major cities. The fuel shortage which started last week…

A week-long petrol scarcity is fraying nerves in oil-producing Nigeria as gas stations run out of stock, causing long queues of motorists in major cities. The fuel shortage started last week in the commercial city of Lagos and administrative capital Abuja with few petrol stations selling the product. The state-run Nigerian National Petroleum Corporation (NNPC) blamed the situation on importation of adulterated petrol by four oil marketers into the country.…

Environmental groups are opposing the lifting of a moratorium on new licences for bunkering in Algoa Bay. Activists are concerned about the risk the activity of transferring fuel from ship-to-ship at sea has on marine life. The moratorium was initially put in place in August 2019, when just a month earlier, there was an oil spill during bunkering activity. Environmental groups have launched a petition to oppose the lifting of…

The Automobile Association of South Africa wants the government to review fuel taxes urgently. General Fuel Levy and Road Accident Fund Levy of key concern regarding high gas prices. AA asks consumers to sign a petition that it will present to the government to review the fuel price. For motoring news, go to Wheels24 2021 saw fuel prices reach record high levels in South Africa of more than R20 per litre,…

BP and Shell will next month halt operations at Sapref indefinitely as they mull over the future of the refinery. "The decision has been taken to allow an informed finalisation on the various options available to the shareholders, a sale option being the most preferred," the companies said in a joint statement on Thursday afternoon. "Until decisions about the future of the plant have been made – including a possible…

Standard Bank has been singled out for still considering financing the East African Crude Oil Pipeline project. Standard Bank says its participation is subject to findings of environmental and social due diligence assessments. The project is a collaboration between Total and China National Offshore Oil Corporation, and will export oil from Uganda to Tanzania. Of South Africa's five major banks, Standard Bank has been singled out by critics for considering…

On Wednesday, the petrol price (both 93 and 95) will be hiked by 53c a litre, while diesel prices will increase by between 79c and 80c. Illuminating paraffin price will be hiked by R1.01 a litre, while the maximum LPGas retail price will be lowered by R1.24. Local fuel prices are determined by international oil prices - as well as the dollar-rand value, as South Africa buys oil in dollars. Brent crude oil grew…

South Africa's latest fuel price increase, which came into effect on 1 December, put the cost of petrol over the R20 per litre mark (about US$1.25) in parts of the country for the first time. The increase sparked public outcry. The Conversation Africa's Nontobeko Mtshali asked energy sector expert Rod Crompton to share his insights into what influences the price – which is adjusted monthly – and to explain how…

The large volume of missing oil may suggest that supply estimates are too optimistic or that demand has been understated. Or, more likely, some combination of the two, writes Julian Lee. Where did all the oil go? According to the latest estimates, the world should still be awash in oil stockpiles built up during the pandemic. But that's not what the actual data on oil supplies show. The International Energy Agency's…