Sasol plans a rights issue bigger than its entire market valuation right now, which it says will help reshape its balance sheet. If that doesn't work, it may have to be bailed out using the same government pension funds mooted to save Eskom. Sasol makes only around 30% of South Africa's fuel – but all of that goes to inland provinces like Gauteng, which don't have many options. For more…

Monday's crash in world oil prices risks severely damaging revenues for crude producing countries and companies across the globe, while benefiting consumers through lower heating and motor fuel bills. Oil markets nosedived as much as 30% after top exporter Saudi Arabia slashed its prices and raised output to preserve market share in the face of Russia opposition. Saudi Arabia At a meeting last week of the Organisation of Petroleum Exporting…

BASED on an unaudited mid-month fuel price data released by the Central Energy Fund, The Automobile Association (AA) predicts a massive fuel drop at month end. This is despite weakness of the rand against the US Dollar and more due to the fact that international petroleum prices retreated. According to AA, petrol may go down by approximately R1.11 a litre, while diesel goes down by R1.10, and illuminating paraffin by…

With the impact of the coronavirus pandemic and production increases causing the oil price to drop, South Africans can look forward to a 'historic' reduction in the petrol price of around R2 per litre in April, says an analyst. According to Jayson Dunne of Bastion Advisory, the petrol price is likely to fall by around R1.95/l in April, and the diesel price by around R1.42/l. This includes the impact of new…

Johannesburg - If there is one silver lining in the current Covid-19 crisis, it’s that international oil prices have plummeted, and despite the rand’s losses, this is set to result in massive savings at the pumps from April. Of course, those who are able to will already be saving money through self-isolation. Earlier in the month it looked as though April’s fuel prices would drop by around R1 a litre,…

Sasol plans a rights issue bigger than its entire market valuation right now, which it says will help reshape its balance sheet. If that doesn't work, it may have to be bailed out using the same government pension funds mooted to save Eskom. Sasol makes only around 30% of South Africa's fuel – but all of that goes to inland provinces like Gauteng, which don't have many options. For more…

With the US Federal Reserve Bank cutting its benchmark interest rate to near zero, the South African Reserve Bank may have the room to introduce a 25 basis points cut this week and another one later this year, say economists. In response to the fallout in global markets due to the coronavirus outbreak, the Fed on Sunday implemented a 100 basis points cut as well as a $700 billion quantitative…

Benchmark Brent oil prices tanked on Monday by ten percent to strike a four-year low, rocked by fears over virus-hit demand. By Monday afternoon, Brent North Sea crude for delivery in May sank to around $31, which was the lowest level since February 2016, with the market pressured also by a price war between major producers Saudi Arabia. According to the latest estimates from the Central Energy Fund, which is…

The world might currently be at the mercy of the coronavirus, but South African motorists can breathe a sigh of relief as the Automobile Association (AA) announced a much-welcomed decrease in fuel prices. The effects of the virus is not only having a devastating impact on human health, but also on the various economies and world markets. It is expected that the price of petrol will drop by up to R1.11…

Rand weakness against the US dollar has paled into insignificance against the fuel price bonanza caused by the massive retreat of international petroleum prices, setting the stage for large reductions in fuel prices at month-end, the Automobile Association (AA) said in a statement on Friday. The current data shows petrol down by up to R1.11 a litre, diesel by R1.10 and illuminating paraffin by R1.18. However, these declines must be…