Posts From King World News

Cheaper oil forces South Africa to rework biofuels subsidy

By Wendell Roelf CAPE TOWN (Reuters) – South Africa’s biofuels funding incentive is being revamped over concerns that it is unaffordable after a halving of global crude oil prices over the past year, officials said on Tuesday. A net importer of crude, Africa’s most advanced economy wants biofuels initially to meet 2 percent, or around 400 million litres, of the country’s annual fuel consumption to wean itself off oil imports