Brief reprieve for motorists: treasury reduces fuel levy by R1.50 a litre until the end of May - The emergency fuel-price intervention was announced by the treasury in the parliament on Thursday afternoon, in light of skyrocketing global oil prices
as global oil prices escalated because of the conflict between Russia and Ukraine, which has placed significant pressure on domestic fuel prices.
The partial reduction in the fuel levy will cost the fiscus bout R6-billion in foregone tax revenue for the two-month period, the treasure said. For the second phase of the emergency fuel-price intervention, Mantashe proposed a set of measures to be introduced after the expiry of the temporary measures from Wednesday 1 June 2022. A reduction in the basic fuel price of 3c per litre, in line with the recommendations of the review conducted by the department of mineral resources and energy;
The introduction of a price cap on 93 octane petrol. This will allow retailers to sell at a price below the regulated price;
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