Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day on Sunday, calling it a "precautionary" move aimed at stabilising the market. The reductions, on top of a Russian decision to extend a cut of 500,000 barrels per day, and despite US calls to increase production, risk stoking inflation and pressure to raise interest rates. Cuts by Saudi Arabia, Iraq,…

For more financial news, go to the News24 Business front page. The diesel price will be cut by over 73c a litre on Wednesday, with a marginal 1c decrease in 93 unleaded petrol, and a 2c increase in 95. The department of mineral resources and energy said diesel 0.05% sulphur will see a 73.58c decrease, while 0.005% sulphur will drop by 74.58c a litre. Fuel prices, which will be adjusted on Wednesday 5…

The diesel price will be cut by over 73c a litre on Wednesday, with a marginal 1c decrease in 93 petrol, and a 2c increase in 95 in Gauteng. The department of mineral resources and energy said diesel 0.05% sulphur will see a 73.58c decrease, while 0.005% sulphur will drop by 74.58c a litre. Fuel prices schedule for the different zones will be published later on Tuesday. Fuel prices, which…

With the rise in fuel prices showing no signs of abating, it seems like an appropriate time to ask ourselves: are our cars not efficient enough? Europe has decided to ban the production of new combustion engine-powered vehicles by 2035, but most passenger vehicles currently on roads in France and across the globe still fall under this category. Their engines operate by burning petrol or diesel fuel and converting the resulting…

British oil and gas giant BP has decided to exit all its aviation activities at South African airports. However, Shell has informed its aviation customers that it is committed to continue with its aviation fuel activities in the country. Asked if it is exiting its aviation operations in SA because of the government's position on Russia, BP only it is "as a result of Air BP's current global business strategy".…

Violent protests against pension reforms in France have raged on.  Airports faced potentional fuel shortages, and rubbish has piled up on the streets due to the protests.  President Emmanuel Macron has refused to back down on the new legislation.  French citizens protested and downed tools again on Thursday, with transport and refineries grinding to a halt as anger over a deeply unpopular pensions reform showed no signs of abating. As…

Ahead of today's national shutdown by the Economic Freedom Fighters (EFF), an incident at a petrol station  in Parklands last night have kept them and stations elsewhere on high alert. This, after a small group of protesters gathered in the area, allegedly trying to intimidate fuel stations. The City of Cape Town’s Mayco Member for security and safety, JP Smith said a few hours ago that private security along with…

The petrol price could be hiked in the first week of April, but diesel and illuminating paraffin may become cheaper, the latest data from the Central Energy Fund (CEF) shows. Petrol may be increased by around 25c a litre, while the wholesale price of diesel could be lowered by around 20c a litre. Illuminating paraffin could see a cut of around 68c a litre. Fuel prices, which will be adjusted…

Formula 1 wants its cars to run on sustainable fuels from 2026 onwards. While such a process could be expensive, the sport is doing all it can not to ignite unnecessary competition among fuel suppliers. Sustainable fuel in F1 can be made available to the public. Formula 1's chief technical officer, Pat Symonds, is confident the proposed switch to sustainable fuels will not lead to an expensive arms race between…

Two petrol attendants were injured when a motorist knocked them over at a Johannesburg petrol station. He fled after he couldn't pay for the petrol put into the vehicle. It was later found that the vehicle had been reported stolen from a Benoni golf club.  A motorist knocked over two petrol attendants in his haste to get away from a Johannesburg CBD petrol station on Monday, after he couldn't foot the…