Soaring global oil prices trigger emergency regulation in our country!

According to Goldman Sachs analysts Yulia Zhestkova Grigsby and Daan Struyven in their research report, the current Middle East conflict represents the most severe shock to the oil market ever recorded—and its impact is especially pronounced at the refined products level. Since the outbreak of the U.S.-Israel-Iran conflict, Brent crude prices have surged over 40%, breaking through the $100-per-barrel threshold. Yet price increases for refined petroleum products far exceed this—fuel costs in some Asian markets have doubled compared to pre-conflict levels. According to a JPMorgan report, as of March 18, multiple Asian airlines—including Qantas, Air India, Cathay Pacific, and IndiGo—have introduced phased fuel surcharges. For instance, Air India imposes fuel surcharges of USD 125–200 per passenger on long-haul flights from Asia to Europe or North America; domestic flights carry an additional charge of USD 4.30—effectively excluding many leisure travelers from the upcoming summer travel season. According to Reuters, Scandinavian Airlines (SAS) has announced the cancellation of approximately 1,000 flights in April. The energy supply crisis has now spread from the demand side to the supply side: Asia’s petrochemical industry has ground to a halt due to feedstock shortages, prompting several regional industry leaders to declare force majeure. Per JPMorgan’s report, over 50% of Asia’s naphtha supply originates from the Middle East; tightening feedstock availability in the Persian Gulf has directly forced ethylene crackers to shut down or operate at reduced capacity. In Japan, Mitsubishi Chemical and Mitsui Chemical have cut ethylene output, while Sumitomo Chemical’s planned restart of its Keiyo Ethylene plant may be delayed—and even after restarting, its operating rate will remain constrained. In South Korea, YNCC—one of the region’s largest ethylene producers—has declared force majeure and significantly curtailed cracker operations; Lotte Chemical and LG Chem have issued warnings to customers that they may adopt similar measures; and the South Korean government has temporarily designated naphtha as an “economic security item” to manage rapidly depleting inventories. Energy Shock Amid Geopolitical Turmoil: Impacts on Livelihoods Across Nations Tankers and cargo ships queue in the Strait of Hormuz. Source: CCTV News App / Photo The current sharp volatility in global oil markets stems primarily from the escalating U.S.-Israel-Iran conflict and resulting disruptions to Middle Eastern crude supply routes. Retail fuel prices have risen across most countries, prompting numerous governments to urgently implement price caps, strategic reserve releases, and subsidies to mitigate inflationary pressures caused by soaring fuel costs. Many African countries heavily rely on shipments transiting the Strait of Hormuz…

South Africa’s prospects look very promising

The South African Bureau of Standards (SABS) is a national statutory body established under the 1945 National Standards Act and most recently amended in 2008. It operates under the Department of Trade and Industry and functions as a neutral third-party certification body responsible for management system certification and product certification in South Africa. SABS is the national authority tasked with developing standards, testing products, and issuing certificates for products or services. The National Regulator for Compulsory Specifications (NRCS), the agency responsible for enforcing mandatory requirements in South Africa, was formerly a division under SABS but has since been restructured into an independent entity reporting to the Department of Transport. NRCS’s primary mandate is to ensure automotive products comply with mandatory requirements and to issue Certificates of Conformity once compliance is verified. 03 PART: Automotive Tariffs in South Africa (1) South Africa’s tax system is highly complex, with varying tariff rates applied to different categories of goods. Its import duties include commercial tax, customs duty, and import surcharges. On October 8, 2008, the South African government adopted the Automotive Production and Development Programme (APDP). Key measures included unifying the import duty on fully built-up (CBU) vehicles to 25% starting in 2012. In 2012, the CBU import duty stood at 25%, while the duty on completely knocked-down (CKD) vehicle kits was set at 20%. (2) As a member of the Southern African Customs Union (SACU), South Africa shares tariff-free trade with Botswana, Lesotho, Namibia, and Eswatini—no tariffs or import restrictions apply among SACU members. South Africa has also signed long-term bilateral trade agreements with Malawi, Zimbabwe, Hungary, Mozambique, Poland, Turkey, and others. As a member of the General Agreement on Tariffs and Trade (GATT), South Africa applies two tariff schedules: Most-Favoured-Nation (MFN) rates and ordinary rates—with MFN rates applicable to GATT members. (3) Under the Free Trade Agreement between South Africa and the European Union covering automotive products, the EU progressively reduced and ultimately eliminated tariffs on automobiles imported from South Africa by 2008, while South Africa committed to gradually lowering tariffs on imported EU automobiles and light commercial vehicles—from 25% to 18%—by 2012. 04 PART: South Africa’s Automotive Emission Standards Prior to 2011, South Africa’s 93- and 95-octane gasoline continued to adhere to the Euro 2 emission standard introduced in 1996, contributing significantly to air pollution. Moreover, due to high vehicle ownership and heavy reliance on coal-fired power generation…

South Africa Has Room for $732 Million Fuel Relief Extension, Citi Says

Apr 16, 2026

Citigroup reports South Africa can extend fuel-tax cuts for two months to offset oil price shocks from the Iran conflict, costing up to 12 billion rand. The move aims to cushion consumers as crude prices surge nearly a third since late February.

bloomberg

2026-04-16

South Africa Has Room for $732 Million Fuel Relief Extension, Citi Says

South Africa Has Room for $732 Million Fuel Relief Extension, Citi Says

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