NEW YORK, January 22, 2026, 15:03 (EST) — Regular session
Sasol Ltd’s U.S.-listed shares surged roughly 13% to $7.13 Thursday afternoon following the South African energy and chemicals company’s upgrade to its fuel sales volume forecast for fiscal 2026. Shares fluctuated between $6.45 and $7.335 during the session.
Sasol now forecasts fuel sales volumes for FY26 to climb 5% to 10% above FY25 levels, revising up from its previous estimate of flat to 3% growth, the company said in its latest business performance update. It downgraded its gas production outlook to between flat and 5% below FY25, a shift from the earlier projection of 0% to 10% growth. (Nasdaq)
The timing of the tweak is sensitive for investors. Sasol’s cash flow can shift sharply with fuel prices, and the market has been eager for evidence that operational improvements are gaining traction, particularly as chemical prices remain pressured.
In Southern Africa, Sasol announced its destoning plant hit “beneficial operation” in December, confirming the equipment is performing as planned. Coal quality metrics are tracking at the low end of guidance. Production got a boost from improved gasifier and equipment availability at Secunda. Meanwhile, the Natref refinery delivered stronger output, helped by additional volumes from capacity linked to Sasol’s stake in Prax South Africa. (Sasol)
Chemicals markets remained sluggish globally, the company reported, with revenue dipping due to falling U.S. ethylene and palm kernel oil prices, alongside weaker international chemical volumes. Sasol noted that a prolonged outage at its Louisiana Integrated Polyethylene joint-venture cracker finally ended with a restart late December. The company also confirmed that hedging strategies — designed to offset oil and currency fluctuations — stayed active. (Seeking Alpha)
Sasol reported a drop in Mozambique gas supply compared to the previous quarter, citing the expected natural decline at its Petroleum Production Agreement assets. However, the company still anticipates a boost in the second half as volumes from its Production Sharing Agreement pick up. It also confirmed it continues to operate the Natref refinery despite partner Prax South Africa entering business rescue, a local court-supervised restructuring process, and stated that product supply has remained steady. (PR Newswire)
The gas downgrade highlights setbacks related to the PSA development and the Central Térmica de Temane project, or CTT — a 450-megawatt gas-fired power plant slated for Temane, Mozambique. Sasol operates the PSA licence in Inhambane province, overseeing gas and light-oil development around the Pande and Temane fields. (Globeleq)
Outside of day-to-day operations, Sasol named Rhidwaan Gasant as an independent non-executive director starting Feb. 1. “We are pleased to welcome Rhidwaan to the Sasol Board,” said chair Muriel Dube in a statement. (PR Newswire)
However, the company flagged the operating environment as “challenging,” pointing to geopolitical tensions, changing trade patterns, and ongoing weakness in certain end markets. A prolonged drop in chemical demand or further delays on Mozambique projects could put the positive outlook for fuels under pressure. (MarketScreener)
Traders are now focused on the FY26 interim financial results due Feb. 23, when Sasol is set to provide more detail on earnings, cash flow, and debt. For the time being, the stock’s movement will probably depend on whether higher refinery output can continue to counterbalance weak chemicals and patchy gas volumes. (Sasol)
