Latest news with #ULP
IOL News
05-08-2025
- Business
- IOL News
August fuel price adjustments: What petrol and diesel owners need to know
The August fuel price outlook is a mixed bag as motorists are set to fork out more for diesel. Image: Jacques Naude / Independent Media Motorists can look forward to a much-needed reduction in petrol prices at the pumps this Wednesday, whereas diesel prices are set to see a substantial rise. Month-end data from the Central Energy Fund (CEF) is pointing to petrol price decreases of 29 cents for 95 Unleaded and 33 cents for 93 Unleaded, while diesel prices are expected to rise by between 63 cents (50ppm) and 66 cents (500ppm). This follows July's petrol and diesel price increases of up to 55 cents and 84 cents, respectively. In the case of petrol, 95 Unleaded should recede to around R20.79 at the coast and R21.58 in Gauteng, where the slightly less expensive 93 ULP is expected to retail for R21.46. The wholesale price of 50ppm diesel is predicted to reach R19.28 at the coast and R20.04 inland. International product price movements are the driving force behind the August price adjustments, while a slightly stronger South African rand provided relief to the tune of around five cents. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading It's not unusual for diesel prices to rise during the winter and summer months, due to international demand patterns. In the northern hemisphere's summer, for instance, increased travel and economic activity can drive up prices. However, the main reason for the mid-2025 surge in diesel prices is due to the European Union's restrictions on Russian fuel, Total Energy CEO Patrick Pouyanne told Bloomberg. 'We think that stronger diesel prices will become a persistent feature on the global market,' he said. 'The sources of diesel are now coming from the Middle East or from US refineries further away, so it has increased the cost,' Pouyanne said. Following the August price adjustment, 50ppm diesel will be around 60 cents more expensive than it was at the beginning of this year. 95 Unleaded petrol, on the other hand, will be priced almost identically to its January 2025 level of R20.80. Both petrol and diesel have seen two increases and four decreases this year. Get your news on the go, click here to join the Cape Argus News WhatsApp channel. Cape Argus
The Citizen
29-06-2025
- Business
- The Citizen
Oil price hikes could squeeze SA farmers amid US-Iran conflict fallout
While the full fallout of the US bombing of Iranian nuclear sites remains unclear, economist Dawie Roodt, the chief economist at the Efficient Group, told Farmer's Weekly it could ripple through oil prices and the exchange rate, which in turn would impact broader economic growth. 'Geopolitical instability and conflict in oil-producing regions, such as Iran, typically lead to a short-term oil price hike, which pushes fuel prices higher,' Roodt said. 'The effects could take days to several months to materialise, but we may see an increase of say 50c in the coming month, followed by another 20c hike the month after. Prices usually stabilise after the peak and often return, or even drop, to below pre-crisis levels.' The Central Energy Fund already reported an under-recovery of about 55c for petrol ULP, 51c for petrol 93 ULP and LRP, 79c for diesel (0,05%) and 81c for diesel (0,0005%) between May 30 and Monday. Fuel prices could spike far more dramatically and remain elevated for longer if the conflict disrupts oil production or hampers oil trade, particularly if the Strait of Hormuz — through which nearly 20% of the world's oil flows — is threatened or closed. 'We have seen what happens when major oil producers in the Middle East intentionally cut supply. In such cases, oil prices could potentially almost double to reach US$130 (about R2 300) a barrel, which could result in a R3/ℓ fuel price hike,' Roodt said. Such a sharp rise would have significant global repercussions, driving up inflation and interest rates, which would, in turn, impact global economic growth. This would be particularly bad news for South African agriculture, by pushing up the cost of fuel, fertiliser and other essential input prices, while increasing transport expenses — especially if alternative, longer sea routes had to be used because of the conflict. Additionally, weaker global economic growth would likely dent demand for agricultural exports, as consumers abroad would have less disposable income, according to Roodt. Roodt said a similar pattern usually ensued with the rand. 'We generally see the rand weakening in response to these types of geopolitical conflict, stabilise, and then move back to where it was.' Wandile Sihlobo, the chief economist at Agbiz, told Farmer's Weekly the South African agriculture sector was highly exposed to rising shipping and transportation costs, exchange rate fluctuations and the impact of geopolitical tension on trade, as roughly 98% of agro-chemicals and 80% of fertiliser and machinery were imported. The recently announced ceasefire between Israel and Iran was a positive movement, according to him, but risks nevertheless remained that could continue to impact the exchange rate and oil prices. 'Our hope is for oil prices and the exchange rate to normalise at least from October onwards, when the summer planting season and the winter harvest seasons start and the industry uses higher volumes of fuel,' he said. He noted that fuel and fertiliser represented 13% and 30%, respectively, of grain farmers' input costs. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Associated Press
27-06-2025
- Business
- Associated Press
TEAMSTERS AUTHORIZE STRIKE AT TYSON
Workers Want Fair Contract at Largest Beef Processing Plant in U.S. AMARILLO, Texas, June 27, 2025 /PRNewswire/ -- Teamsters Local 577 members at Tyson Foods of Amarillo, the largest beef processing plant in the United States, have voted by a 98 percent margin to authorize a strike. The Teamsters represent 3,100 workers in slaughtering and processing at the facility who are demanding higher wages and improved benefits. 'We are bargaining with one of the most repulsively greedy and amoral corporations in the entire country. Last year, Tyson's CEO made 525 times that of the median worker,' said Al Brito, President of Local 577. 'This facility is essential to the beef supply chain, but if Tyson's corporate leadership doesn't start demonstrating some basic humanity, we will be forced to take action.' The union has filed a number of unfair labor practice (ULP) charges against Tyson for violating labor law. In the past month, management has harassed union stewards, coerced injured employees into dropping claims, illegally interrogated union members, and falsely told workers at the facility that if they engaged in a ULP strike they would lose their jobs. 'We're not just fighting for more money,' said Keisha Carey, a member of the Tyson Teamsters Negotiating Committee. 'We're tired of seeing people suffer. We're tired of seeing people hurting. We're tired of seeing the elites who run this company have no compassion for the workers who make them rich. We're ready to strike this company if they don't give us the deal we deserve.' Teamsters Local 577 represents workers in a wide variety of industries throughout North Texas. For more information, go to Contact: Matt McQuaid, (771) 241-0015 [email protected] View original content to download multimedia: SOURCE Teamsters Local 577
Miami Herald
13-06-2025
- Business
- Miami Herald
Albertsons, Pavilions, Vons, and Kroger workers set to strike in California
Strikes only happen when companies push workers past the point of no return. No worker wants to give up a paycheck in order to get the raise and benefits they feel they deserve. In many cases, even when management and labor negotiate a favorable deal, the money lost during a strike remains lost forever. Workers, however, have very little leverage with management when it comes to negotiating fair wages. In many cases, bosses consider workers replaceable and don't take worker demands seriously. In many part of American history, workers could not strike without fear of being replaced. Now, with retail jobs plentiful enough that both Walmart and Target pay their workers over $15 per hour, labor has more leverage. Replacing tens of thousands of people in this market won't be easy, so a strike could cripple the business and do long-term damage. Hopefully, reality forces both sides to come to the table before a work stoppage takes place. Nearly 45,000 Albertsons, Pavilions, Vons, and Kroger (Ralphs) workers have voted overwhelmingly in favor of a strike. They have not walked off the job yet, but the threat to their employers has become very real. UFCW Local 324 represents the impacted workers, and the union has a simple description of its goals. "The mission of UFCW Local 324 is to improve the lives of working families and to bring economic justice to the workplace. The UFCW is one union with one voice. We are committed to changing the places where we work and the communities where we live so that all workers have the opportunity to reach the American Dream," it shared on its website. The union traces its history back to 1936. "The United Food and Commercial Workers union stands as the by-product of mergers between many other trades and professions whose members saw value in uniting in solidarity against an increasingly powerful array of corporate retailers," it added. Now, the union is ready to mobilize its workers to strike. It shared an update on its website. "These past two weeks, nearly 45,000 grocery workers across Southern California came together and overwhelmingly voted YES to authorize an Unfair Labor Practice (ULP) Strike against Ralphs, Albertsons, Vons, and Pavilions for breaking the law by surveilling, interrogating, threatening, and retaliating against union members," it shared. "This vote is a powerful message to Kroger and Albertsons: We are fed up with their union-busting tactics and unlawful behavior that disrespects workers, silences our voices, and stalls progress at the bargaining table." While those are serious charges, the core of the dispute between the workers and management is wages and working conditions. "For four months, we've negotiated with Kroger and Albertsons, offering solutions to the staff shortage crisis that hurts store operations, working conditions, and customer service. The companies have dismissed our proposals and claimed that our concerns were 'anecdotal', downplaying the real challenges we and our customers face daily," the union shared in an update to members. UFCW Local 324 believes it has acted in good faith and that management has not. "We're at the breaking point. We are disrespected, overworked, and undervalued by Kroger and Albertsons. We're tired of asking these corporations to invest in their workers and customers, only to see no results. We're tired of asking the companies to respect our labor rights and seeing our co-workers intimidated," it added. Kroger, which owns Ralphs, shared a statement with KTLA. "Our current offer reflects that commitment, including market-leading wage increases for associates over the life of the agreement, and continued investment in industry-leading healthcare and a pension…These are benefits that many non-union competitors do not offer," a portion of the statement reads. The union has not set a strike date. Negotiations are expected to resume on June 25. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
06-06-2025
- Business
- Yahoo
SUTPHEN TEAMSTERS EXTEND UNFAIR LABOR PRACTICE STRIKE TO URBANA
Taxpayer-Funded Employer Refuses to Bargain, Brings in Scabs URBANA, Ohio, June 6, 2025 /PRNewswire/ -- Teamsters Local 284 has been forced to expand its picket line against Sutphen Corporation to the company's facility in Urbana, Ohio. The strike action against Sutphen began May 28 at the Dublin, Ohio, facility after the Teamsters filed an unfair labor practice charge (ULP) against the company for failing to negotiate a new collective bargaining agreement. The nearly 100 Sutphen Teamsters, who assemble vital apparatuses for firefighters across the nation, have been working under an expired contract since October. The company has repeatedly refused to negotiate a new contract and has now brought in nonunion scabs from its Urbana facility to work in Dublin. The Teamsters are fighting this reckless and desperate move by extending the strike to the Sutphen Urbana facility effective immediately. Local 284 will not rest until a contract is produced that includes better pay, health care, and job security. WHO: Sutphen Teamsters, members and leaders from Local 284 WHEN: Daily, 7 a.m.- 3 p.m. WHERE: 935 S Edgewood OH 43078 Media Contact:Colin McCullough, (856) 625-6856cmccullough@ On-site Contact:Derrick Miller, (614) 364-6383 View original content to download multimedia: SOURCE Teamsters Local 284 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
