The decision that cost South Africa R23 billion, and a new SUV that could be built in Gauteng

AfriForum has asked Finance Minister Enoch Godongwana to launch an independent audit of South Africa’s fuel prices, after the latest price hikes pushed petrol to nearly R27 per litre.

The civil action group is requesting an audit into the country’s fuel taxes, including the General Fuel Levy and the Road Accident Fund Levy, which add over R6 to the price of fuel.

BMW has officially launched the new iX3 in South Africa, the first model in the brand’s Neue Klasse series.

It is an electric SUV that is currently available in a single 50 xDrive specification, though an entry-level 40 model will be added in early 2027. Prices start at R1,690,000.

Oil is headed for its biggest weekly gain since July due to the renewed hostilities in the Middle East.

Brent Crude rose 7% this week to $96 per barrel after a US bombing campaign, which was met with Iranian attacks against US allies in the region, including Jordan, Kuwait, and Bahrain.

Iran has continued to attack vessels in the Strait of Hormuz. Israel said it was prepared to resume fighting if necessary.

VW Group Africa’s Managing Director Martina Biene will leave South Africa next month to become a board member at VW’s Skoda branch in Europe.

The rand is trading at R16.0075 per US dollar today, supported by a weaker dollar and stronger gold prices.

5 important things

Ramaphosa sends a message to carmakers: President Cyril Ramaphosa delivered a keynote speech at VW’s factory in the Eastern Cape, calling on carmakers to invest in South Africa. He highlighted that the auto sector contributes 5% to GDP and directly employs over 115,000 people. [TopAuto].

The first electric SUV that could be built in South Africa: The new Jaecoo J5 BEV is set to launch in South Africa later this month. The J5 is one of the cars that will be built at Chery’s new factory in Gauteng. This includes new energy models, though the BEV has not yet been confirmed. [MyBroadband].

The decision that cost South Africa R23 billion: The Constitutional Court’s decision to bar Shell’s offshore oil exploration on the Wild Coast could cost South Africa R23 billion per year. On 14 August 2026, the Court ruled against the oil company for failing to adequately consult local communities.[BusinessTech].

Uber to cut 10% of jobs: Uber is planning to cut 3,300 jobs globally to slash bureaucracy and reallocate spending into its ride-sharing, delivery, and robotaxi business.[Bloomberg].

Company in South Africa expects to lose 12 buses every year: Golden Arrow expects 12 of its buses to be destroyed by protest action in South Africa every year and now treats it as a business expense, factoring it into its insurance with political risk cover. [Daily Investor].