BP boosted cash flow and hit the target on profit estimates in the first quarter as rising oil and gas production and strong trading results offset the effect of lower prices. The company’s performance brightens a mixed picture for Big Oil earnings. Subscribe to Fin24's newsletter here While the industry has moved beyond the worst downturn in a generation it’s still enduring volatile markets, with a sharp slump in crude…

The Department of Energy has announced a petrol price increase of 54 cents a litre for 93 and 95 unleaded for the month of May. Diesel has a one cent per litre increase, while illuminating paraffin sees a three cents per litre increase.  Subscribe to Fin24's newsletter here In a statement the Department of Energy said the international factors amounted to about 54.00c/l on petrol and 1.00c/l on diesel and…

Higher fuel prices have contributed largely to the increase in March inflation, and industry has warned of the effects it is having on business profitability. Stats SA on Wednesday released March inflation figures, which increased to 4.5% compared to 4.1% reported in February. Transport costs were among the major contributors to the higher inflation. Transport costs, in turn, were influenced by higher fuel prices. Subscribe to Fin24’s newsletter here "The 74c/l…

Finally! After a long hard search you've finally found your new car and are ready to hit the road. Despite your eagerness to hear your engine purr don't let the temptation of the open road lead you to lose your licence, especially with new laws affecting driver licences in SA. After a decade of speculation and waiting, the Administrative Adjudication of Road Traffic Offences Bill (Aarto) is set to be…

Oil giant BP is now an environmental criminal in South Africa. This week the high court in Pretoria found BP guilty on eight charges of building filling stations without environmental approval. BP now faces potentially big fines – and the door is open for more and easier private criminal prosecutions of environmental crimes. * This article has been updated below with comment from BP received after publication. Global oil giant BP…

After a hefty fuel hike at the beginning of April, there have been a number of calls for government to step in and prevent further increases. In a statement released on Wednesday (3 April), trade federation Cosatu said that this should include a revision of the current taxes on fuel and the possible introduction of a fuel price cap. “It is becoming blatantly clear that our inept government does not…

Minister of Energy Jeff Radebe told Parliament's oversight committee on energy on Tuesday that difficulties beyond the government's control look set to inform the fuel price announcement due at the end of the week. His remarks strongly point towards a fuel price hike for motorists. The final fuel price announcement for March will be made at the end of the week or over the weekend. New prices generally come into…

We are relieved that Minister of Finance Tito Mboweni did not increase fuel levies above inflation – as has been the case in previous years – despite pre-Budget Speech speculation that this may have happened. Announced in today’s Budget Speech (SUBS: 20 FEB), any changes to the fuel levies will be implemented along with any fuel price adjustments on 3 April, the first Wednesday of April 2019. Even though the…

Recent reductions in the fuel price have been dealt a blow by a steady increase in international petroleum prices during the first half of February. This is according to the unaudited mid-month fuel price data released by the Central Energy Fund. Oil traded within a very tight band for most of January, but we have seen a steady uptick since February began. This trend has accelerated in the last week…