Fuel Prices Set to Increase Again in October
South African petrol and diesel prices are set to increase yet again in October 2023, reports IOL. Unaudited data from the Central Energy Fund suggests potential rises of approximately R1.20 per liter for petrol and up to R2 per liter for diesel, following brutal fuel price hikes in September. If these predictions hold, South Africans will be paying a shade over R25 for unleaded petrol at the coast and around R25.74 inland. These increases, mainly driven by higher international oil prices, are expected to strain personal finances and contribute to higher prices overall.
Eskom's Transmission Company Granted Two Key Licences
The National Transmission Company of South Africa (NTCSA) has taken a significant step toward becoming operational as part of Eskom's unbundling process, reports IOL. The National Energy Regulator of South Africa (Nersa) has approved a five-year trading license for the NTCSA, allowing it to buy and sell electricity as a commercial activity. This license enables the NTCSA to purchase electricity from Eskom power stations, and independent power producers (IPPs), and engage in cross-border electricity imports and IPP generators under Eskom Holdings programmes. Nersa also approved an import and export license, allowing the NTCSA to engage in import and export activities throughout the Southern African Development Community (SADC). This development is seen as a positive move towards a liberalised energy market, increased security of supply and private sector participation.
Markus Jooste Appeals R7.5 Million Fines for Steinhoff Accounting Scandal
Former Steinhoff CEO Markus Jooste is challenging two R7.5 million fines imposed on him by the Johannesburg Stock Exchange (JSE) for breaching its listing requirements, reports News24. Jooste claims that he was not aware of the accounting irregularities that almost destroyed the company and that he relied on information supplied by other parties within the group. The JSE argues that Jooste had full knowledge of the accounting irregularities and that he was the "puppet master" behind them. The JSE also says that Jooste has an evidential burden to prove his innocence, but that he has failed to do so. The Financial Services Tribunal has reserved judgment on the matter.
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Gauteng Man Awarded R2.6 Million for Unlawful Detention
Ntokozo Patrick Xulu, a Gauteng man who was unlawfully detained for more than two years after shooting and killing a would-be robber in self-defence, has been awarded R2.6 million in damages, reports News24. The Gauteng High Court in Johannesburg found that Xulu's prosecution was unlawful and that his detention had destroyed his personal life. Xulu was arrested in November 2018, charged with murder, and kept in custody for 813 days. The judge said Xulu, as a victim, did not receive the protection one would hope for from the police. The court also ordered the police ministry to pay the costs of the lawsuit.
