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Oil Prices

latest news & developments
People in the township of Khayelitsha near Cape Town have been managing water shortages for ages.
ENERGY POVERTY

How a distant war is deepening South Africa’s energy poverty

A distant conflict in the Middle East has triggered the largest oil supply disruption ever recorded, leading to soaring fuel prices in South Africa and exposing the country's…

  • Bokang Galogakoe
5 min read
Reserve Bank governor Lesetja Kganyago announced on Thursday that the monetary policy committee had increased the repo rate by 25 basis points to 7%, effective from 29 May.
BANKING

Reserve Bank hikes interest rate for first time since 2023 as oil shock, inflation risks mount

South African Reserve Bank raises interest rate to 7%, warning that oil shocks, food inflation and global instability could drive prices higher

  • Sheree Bega
5 min read
Roughly 20% of the world’s oil and liquefied natural gas typically passes through the Strait of Hormuz, a chokepoint now under strain.
AFRICA

Iran war triggers global shockwaves across energy, food and finance systems, analysts warn

The US-Israel war on Iran is sending shockwaves through global energy, food and financial systems, exposing deep structural vulnerabilities in the world economy, according to the…

  • Sheree Bega
7 min read
The proposed sale is part of Shell’s broader strategy to streamline its global portfolio and focus on higher-margin operations, as major oil companies recalibrate amid volatile energy markets and geopolitical pressures.
ADNOC

UAE targets Shell’s 600 SA petrol stations in $1bn deal

The Abu Dhabi National Oil Company is in advanced talks to acquire Shell’s South African downstream assets. The deal could reshape the country’s fuel retail sector and deepen…

  • Nkateko Joseph Mabasa
3 min read
As South Africa prepares to host the sixth SA Investment Conference, government leaders and economists say global instability, including tension in the Middle East, unexpectedly boost the country’s appeal as a stable investment destination
BOITUMELO MOSAKO

SA pitches itself as Africa’s gateway amid global market turbulence

As South Africa prepares to host the sixth SA Investment Conference, government leaders and economists say global instability, including tension in the Middle East, unexpectedly…

  • Brian Sokutu
6 min read
The department of mineral and petroleum resources has encouraged members of the public to continue purchasing fuel as usual
FUEL

‘No need for fuel panic-buying’, government and industry leaders say

The department of mineral and petroleum resources has encouraged members of the public to continue purchasing fuel as usual and to rely on government communication for accurate…

  • Nkateko Joseph Mabasa
2 min read
Sub-Saharan Africa’s reliance on imported oil leaves countries exposed to economic shocks amid the escalating Middle East conflict.
BRENT CRUDE

Rising oil prices threaten African economies, new analysis warns

Sub-Saharan Africa’s reliance on imported oil leaves countries exposed to economic shocks amid the escalating Middle East conflict. Rising crude and LNG prices threaten import…

  • Sheree Bega
6 min read
CAPE OF GOOD HOPE SHIPPING ROUTE

G7 failed to address core issue in escalating US-Israel-Iran war, experts say

With oil prices climbing to $120 a barrel and the Strait of Hormuz shut, analysts say the G7 missed a critical opportunity to push for peace in the escalating US-Israel-Iran…

  • Brian Sokutu
6 min read
The cost of petrol will fall by more than 60 cents a litre, while diesel users will benefit from reductions of up to R1.50 a litre. . (Oupa Nkosi)
BASIC FUEL PRICE

Fuel prices to fall sharply, driven by lower global oil markets

From 7 January, 93-grade unleaded petrol will decrease by 62 cents a litre while 95-grade petrol will cost 66 cents less

  • Nkateko Joseph Mabasa
1 min read
Fuel prices have also fallen this month, which might have helped keep inflation in check, although it remains to be seen what effect the rand’s weakness will have had. (Dwayne Senior/Bloomberg via Getty Images)
GLOBAL ECONOMIC PROSPECTS

Middle East crisis: Why aren’t oil prices much higher?

Lower prices are good insofar as inflation is concerned but they suggest that economic troubles lie ahead

  • Sarah Smit
4 min read
But prices are expected to remain higher for longer in the wake of a tighter oil market
ANNABEL BISHOP

Inflation eases again in September

But prices are expected to remain higher for longer in the wake of a tighter oil market

  • Sarah Smit
3 min read
Sasol’s earnings have soared given the energy crunch caused by Russia’s war on Ukraine — and it’s betting on another fossil fuel to carry it into the future. (Photo by Per-Anders Pettersson/Getty Images)
COAL

Sasol betting big on natural gas

The company’s earnings have soar given the energy crunch caused by Russia’s war on Ukraine — and it’s betting on another fossil fuel to carry it into the future

  • Sarah Smit
7 min read
COVID 19

Inflation hits 7.8% – a level not seen since the global financial crisis

Labour unions have embarked on a nationwide strike over the high cost of living

  • Sarah Smit
2 min read
South African Reserve Bank governor Lesetja Kganyago. Photo: Waldo Swiegers/Bloomberg/Getty Images
FOOD PRICES

‘Deal with the snake’ – Reserve Bank governor on SA being bitten by imported inflation

Lesetja Kganyago defended the bank’s inflation-targeting regime amid criticism that it will do little to cushion consumers against external shocks

  • Sarah Smit
3 min read
Economists widely expect the South African Reserve Bank’s monetary policy committee to once again hold the interest rate at 8.25% when it concludes its meeting on Thursday.
BUREAU OF LABOUR STATISTICS

Inflation again a hair’s breadth away from Reserve Bank’s upper limit

Consumer price inflation increased to 5.9% in March, up from 5.7% in February

  • Sarah Smit
2 min read