The price of petrol is at a record high from Wednesday morning. A litre of 93 octane unleaded petrol (inland) now costs R14.72 — up 49c from R14.23 in April and 23c more than the previous record high of R14.49, set in December last year. The May increase follows a 72c increase in April, which included 52c of increased levies. Meanwhile‚ diesel has increased by between 58c and 59c a…

Sharp increases in the landed prices of fuels are set to hit motorists hard at the end of April, according to the Automobile Association (AA). “Petroleum prices were largely flat in the first week of April, but spiked sharply as tensions escalated in Syria,” the AA said, commenting on unaudited mid-month data released by the Central Energy Fund. “The Middle East lies near many of the world’s key oil producers,…

Cape Town - Respondents taking part in the latest Trade Conditions Survey of the South African Chamber of Commerce and Industry (Sacci) indicated concern about the impact of the 1% value-added tax hike to 15%, and the steep fuel levy increase. Both kicked in at the beginning of April. Trade conditions continued to be restrained in March, according to the latest Trade Activity Index (TAI) released by Sacci on Thursday.…

The basic fuel price (freight and insurance costs, cargo dues, storage and financing); Wholesale and retail margins, and distribution and transport costs. The general fuel levy is a tax charged on every litre of petrol sold. In April 2016 it increased from R2.55 to R2.85. Last year, this levy again increased by 30 cents from R2.85 to R3.15. This year it increased by 22 cents and now stands at R3.37…

From Kano’s rice plantations to a fledging gas economy in Bayelsa, Nigeria is moving away from oil. Speaking at the Africa CEO Forum in Abidjan at the end of March, co-founder and executive director of the Sahara Group Tonye Cole said investors often made the mistake of looking for opportunities only in the cities of Lagos and Abuja, instead of scouring the potential in other states. With a multibillion-dollar industry…

The Hague - An environmental campaign group has threatened to take Anglo-Dutch oil giant Royal Dutch Shell to court should it fail to comply with climate targets set out under the Paris agreement. "Friends of the Earth Netherlands announced today that they will take Shell to court if it does not act on demands to stop its destruction of the climate," the group said in a statement, accusing the firm…

Johannesburg - The path ahead looks challenging for the rand if oil prices are anything to go by. Concern that US President Donald Trump’s measures will trigger a trade war may hamper global growth and weaken demand for oil, according to Nedbank technical analyst Mehul Daya. “Oil leads the rand,” said Daya. “Sixty percent of the movement in the rand can be explained by changes in the oil price since…

The fuel price is set for a steep hike as higher fuel levies kick in, and an increase in international fuel prices makes its presence felt. This is according to the unaudited month-end fuel price data released by the Central Energy Fund. International petroleum product prices, which have remained stable since mid-February, have climbed sharply since 12 March. We're anticipating an increase of around 63 cents a litre for petrol,…

Johannesburg - The fuel price is set for a steep hike as higher fuel levies kick in, and an increase in international fuel prices makes its presence felt, reports the Automobile Association (AA), commenting on unaudited month-end fuel price data released by the Central Energy Fund. The AA said: "International petroleum product prices, which have remained stable since mid-February, have climbed sharply since 12 March. We're anticipating an increase of…

Houston — Super-major oil producers are increasingly promoting female executives to oversee marquee US assets. In the latest turnabout for an industry dominated by men for all of its 159-year history, former Maersk Oil CEO Gretchen Watkins is set to oversee Royal Dutch Shell’s sprawling US business that includes wells and refineries from the Gulf of Mexico to the Pacific Northwest. Watkins’s recruitment by the world’s second-largest oil explorer by…