He said the economic contraction was “disappointing but not disheartening”, adding that his administration was “finalising a stimulus package that will be announced to inject impetus and growth in our economy at a number of levels”. Finance Minister Nhlanhla Nene said the country was pinning its hopes of recovery on an economic reform package that the Cabinet was drafting. “South Africa will need to make much more strenuous efforts to…

More fuel price hikes are on their way courtesy of a weaker Rand, reports the Automobile Association (AA) commenting on month-end fuel price data supplied by the Central Energy Fund (CEF). The Association says: "International petroleum prices remained virtually unchanged on average during August. But the Rand lost substantial ground against the US dollar, increasing the landed price of fuels." Petrol is expected to increase by between 23 and 25…

On Wednesday fuel prices will increase by just 4.9c per litre, the Department of Energy (DoE) announced on Monday. This is below the 23c to 25c per litre increase expected by the AA. In a media statement, the department said that SA had witnessed "sustained increases in fuel prices for the past few months, which placed a strain on the consumers". "Despite the fact that these increases were caused mainly…

Lack of funding is among the factors limiting the participation of women in the energy sector, said Energy Minister Jeff Radebe. He was delivering the key note address at the Women in Energy dialogue on transformation in Midrand, north of Johannesburg on Monday. Radebe highlighted that women’s participation in the sector was low. “A key constraint to the effective women participation in the energy sector is lack of funding, technical…

Parliament’s portfolio committee on energy was left fuming on Tuesday morning when the Department of Energy failed to send any officials to its meeting on fuel price increases that have rocked South African households. The committee resolved that it would write to Minister of Energy Jeff Radebe to voice its dissatisfaction at being left in the lurch. Committee members said they would summon him to appear before Parliament next week…

The calls by political parties and civil society for cuts to the fuel levy and the Road Accident Fund (RAF) levy could just be populist noise that might not get a hearing. However, relief to consumers could come in the form of more items that are free of VAT. The ANC, DA, Inkatha Freedom Party (IFP) and Organisation Undoing Tax Abuse (OUTA) have all made calls for changes to the…

Motorists who drive petrol-fuelled cars will have to pay 1c more a litre from midnight on Wednesday, when the price of both grades of unleaded 93 and 95 octane will hit a new record high. This was due to a slight under-recovery during the period under review, which saw rand depreciation, but declining international fuel prices, the Central Energy Fund said on Monday. The rand weakened to an average of…

Cheaper international oil prices have slammed the brakes on significant increases in fuel prices for August. The Department of Energy announced on Monday that the price of both grades of petrol would increase by 1c a litre from Wednesday. Diesel will cost 4c a litre less. The slight hike will take the per litre price of 95 octane unleaded petrol to R15.54 on the coast and R16.03 inland respectively. Illuminating…

However, relief to consumers could come in the form of more items that are free of VAT. The ANC, DA, Inkatha Freedom Party (IFP) and Organisation Undoing Tax Abuse (OUTA) have all made calls for changes to the fuel price. IFP MP and national spokesperson Mkhuleko Hlengwa said the party would like the government to cut the petrol price by R5.30 a litre by removing both the fuel levy, which…

Imagine a world without OPEC. This is what the sponsors of legislation introduced in both houses of Congress seem to want. Versions of the "No Oil Producing and Exporting Cartels Act", or the NOPEC bill, are working their way through the Senate and the House of Representatives, and are likely to find much more support from the White House than they have in the past – Presidents George Bush and…