The prices of actual barrels of multiple crude streams in Europe, Asia and Africa have plunged to as little as $5 a barrel, dragging down the entire physical oil market and increasingly distressing major producers. The Dated Brent benchmark, a global reference for nearly two-thirds of the world’s physical flows, plunged to $13.24 a barrel on Tuesday, the lowest since 1999, according to price reporting agency S&P Global Platts. As…

The latest data from the Central Energy fund shows that the petrol price is set to decline by close to R2 in May.  This would make the petrol price the cheapest in four years, despite increases in fuel taxes.  The expected decline in fuel price is attributed to Brent crude oil trading at its lowest levels in 20 years.  For more stories, go to Business Insider's home page. The petrol…

Sasol’s shares, down more than 80% in 2020, are trading as if the market expects years of bad news around oil and that the South African fuel and chemicals giant will struggle to escape its balance sheet constraints. Old Mutual Investment Group doesn’t share that pessimism, said Meryl Pick, a money manager who helps oversee the firm’s R10 billion Investors Fund. "Our view is that the market is pricing Sasol…

Until Monday evening, many might have found the idea of living in a world where someone selling oil would have to pay the "buyer" to take it off of their hands completely fanciful, more so of all emerging economies with commodities to sell. For the first time in history, crude oil prices into negative territory this week because of the Covid-19 pandemic that has sent demand for the fuel crashing as the world's…

The global crash in oil prices may provide some fuel price relief for South Africans, but there are currently too many moving parts to know exactly how much extra cash motorists may have in their pockets when prices are again adjusted. Oil prices are plunging across the board due to a combination of the worldwide slowdown in economic activity caused by lockdowns in response to the Covid-19 pandemic and tensions between…

A group of petrol stations has requested that customers at forecourt shops wear masks. Those who don't have masks may have to do their purchases at a cashier's window.  Government has also advised South Africans to start wearing cloth marks. For more stories, go to Business Insider's home page. The South African Petroleum Retailers Association (SAPRA), which represents 750 fuel stations, has requested that all customers wear masks when they…

A man suspected of robbing a petrol station in Chatsworth Main Road in Umhlatuzana, outside Durban, unwittingly handed himself over to police when he went to buy petrol there while officers and witnesses were still present. Police spokesperson Brigadier Jay Naicker, the petrol station was robbed on Tuesday evening at 23:45 when a man pointed an object that "resembled a firearm" at staff demanded money, before leaving in a getaway…

We might not be allowed to go anywhere during the national lockdown, but when you do have to venture out to the fuel station soon, it might just bring a smile to your face. Globally destructive economic instability has pushed fuel prices into drastic retreat, leading to some very rare good news for South African motorists. This is according to the Automobile Association (AA), which was commenting on unaudited mid-month…

Oil inched higher as investors weigh whether a deal by the world’s biggest producers to reduce output will be enough to offset the demand destruction caused by the coronavirus. Futures added 0.6% in New York, on track for its first advance in three sessions. Saudi Arabia’s energy minister told reporters on Monday that the kingdom is ready to trim supply further if needed when the OPEC+ alliance meets again in…

The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war that brought the energy industry to its knees. After a week-long marathon of bilateral calls and video conferences of ministers from the OPEC+ alliance and the Group of 20 nations, an agreement finally emerged to tackle the impact of the pandemic on oil…