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THE THREAT of additional sanctions on Russia has enabled global oil prices to remain elevated above $100 (R1 460) in spite of a forecast of weaker demand following a build in US crude stockpiles and an extended lockdown in Shanghai, China. The price of Brent crude oil moderated around $106 a barrel yesterday after rising more than 1 percent to above $108 a barrel during early morning trade. This means that it could take a while for domestic fuel prices to ease after petrol rose by 28 cents in April as the average Brent Crude oil price increased from $96.47 to $109.37 during the period under review. The US and its EU allies are preparing new sanctions on Moscow over alleged civilian killings in northern Ukraine. The…
THE FUEL Retailers Association (FRA) yesterday threatened to take legal action against the Department of Mineral Resources and Energy (DMRE) should some of the Phase 2 proposals contained in the government’s short-term relief measures to address fuel price increases be implemented without proper regulatory process. While South African motorists are desperate for relief at the fuel pumps, with oil prices elevated in the wake of Russia’s invasion of Ukraine, the FRA argues that the proposal is problematic. This as most of South Africa’s fuel price at the pump is bloated by government taxes at the pump. Minister of Mineral Resources and Energy Gwede Mantashe last week proposed additional measures to be introduced after the expiry of the temporary measures from June 1, including a reduction in the Basic Fuel Price…
THE FUEL RETAILERS Association explained that the retailer margin was at R2.28 per litre and remained fixed cents per litre (cpl) regardless of fuel prices going up. It was the basic fuel price that changed monthly, which drove prices up. Retailer margin breakdown: • R1.33 cents per litre: Opex to cover expenses. That is where the credit cards under recovery sits. (Opex operational expenditures are the on-going costs that businesses need to run, and for fleet managers, this includes expenses such as fuel, staff costs and expenses for supplies that are needed to keep machinery working.) • 31.1 cents per litre: Entrepreneurship compensation to cover for profit before tax. Fuel retailers don’t get or realise all of the full allocation as they get…
LONG-DISTANCE passengers will be spoilt for choice these Easter holidays as Greyhound Coach Lines will return to the road after a 14-months hiatus, in time for the busy travel season. Greyhound yesterday announced its official resumption of operations after the company was purchased by an investment entity that is owned by a private trust. Company spokesperson Leslie Matthews said Greyhound had partnered in this venture with Sani Car Rental, a Level 1 BEE contributor. Matthews said the bus company would start operating on Wednesday next week, more than a year after its closure. Intercity luxury bus coaches Greyhound and Citiliner last year unexpectedly announced ceasing operations from February 14 due to challenging trading conditions. “We are extremely happy to be back and fully operational, as this will allow passengers the…
MINERAL Resources and Energy Minister Gwede Mantashe said yesterday that the new global dispensation of green energy offered South Africa a rare opportunity to become a global leader in green hydrogen. South Africa must maintain the leading spot ahead of other countries in order for it to dictate the terms of development, he said. He was speaking at the Platinum Group Metals (PGM) industry day held in Auckland Park, Johannesburg, where industry players met to discuss issues around the sector. Mantashe delivered a keynote address. This as the world and mining firms scramble to decarbonise their footprints as climate change poses a serious risk to the global economy. Mantashe said he was grateful that mining firm Anglo American had taken the initiative recently to experiment with green hydrogen to fuel…
PURPLE Group, headed by chief executive Charles Savage, is looking ahead for a set of bumper interims, with profits more than double, which it expects to publish on Monday. The financial services company owns the online platforms EasyEquities, EasyProperties, EasyCrypto and GT247.com. It anticipated a basic earnings per share and headline earnings per share of between 1.60 cents and 1.66c, compared to basic earnings per share and headline earnings per share of 0.85c reported in the prior period – an increase of between 88 and 95 percent. The profit attributable to owners of the company had improved from a profit of R8.3 million in the prior period to a profit of between R17.4m and R18m for the period, an increase of between 109 and 117 percent. Purple’s…
