Our debt-to-GDP ratio is growing, we're running a problematic current account deficit, state-owned companies are a drag on the economy and our bloated public service wage bill needs to be trimmed. We're running out of money, and fast.
The price of petrol will increase by 11 cents per litre from August 7
While the petrol price may be headed for a 10c a litre drop in in June, the new carbon tax on fuel of nine cents per litre is expected to cancel out the decrease, according to a projection by the AA.
But the same data that suggests a petrol price cut shows there could be trouble for diesel users.
South Africa plans to engage with traders who acquired strategic oil reserves two years ago, even as it prepares legal action to try to cancel the deal.
Energy Minister Mmamoloko Kubayi has denied that she had suspended the Central Energy Fund's board members.
If the rand remains stable against the dollar over the next few weeks, consumers could see a smaller than expected increase in the fuel price in August.
A company that borrowed $15.4m worth of oil sludge from the government to help fund the recovery of crude stored in a mine during apartheid has yet to deliver more than three years later, says a source.
The probe concerns the sale of 10.3 million barrels of oil by the Strategic Fuel Fund in late 2015 when global oil prices were at a historic low.
Strong international fuel prices have increased the likelihood of an unwelcome petrol price hike for May, says the AA.
The Central Energy Fund's board wants a court to declare an illegal sale of SA's strategic oil reserves void, and plans to launch a full-scale probe into the Strategic Fuel Fund and PetroSA, a source told Fin24.
PetroSA’s net loss of R1.4bn in the 2016/17 financial year casts doubt on whether the state-owned entity would be able to continue operating, the Auditor General says in a report.
Energy Minister Mmamoloko Kubayi has suspended the Central Energy Fund board, including its acting chief executive, chief financial officer and company secretary.
The Central Energy Fund has appointed an interim board for PetroSA as financiers seek assurances after PetroSA’s botched Project Ikhwezi made a R14.5bn loss.
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