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Engen feels brunt of falling oil prices

The downward adjustments of fuel prices that occurred in 2015 may have been a boon to consumers, but it dented revenues of petroleum company, Engen Botswana. The company suffered a 14 percent revenue loss for the year ended 31 December 2015.

Engen Botswana managing director, Chimweta Monga attributed the loss to the three fuel price decreases that occurred during the year, consistent with reduction in global crude oil prices.

The fuel price decrease was said to be due to a general decline in international crude oil prices, and it has been attributed to concerns of oversupply and gloomy global oil demand.

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Editor's Comment
Celebrate responsibly, put safety first this holiday

“Safety first is safety always”– Charles M HayesAs most people begin travelling across the country to spend the President’s Holidays with family and friends, there is every reason to embrace the joy and togetherness that this period brings.While holiday periods bring joy, they are sadly often accompanied by a rise in road accidents, violent incidents and other avoidable tragedies. Too often, families that set out to celebrate together end...

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