Finance Minister Enoch Godongwana announced a temporary R1.50 per litre reduction in the general fuel levy in an attempt to soften the impact on consumers of sharply increasing fuel prices. MoneywebNews
Finance Minister Enoch Godongwana has announced a temporary R1.50 per litre reduction in the general fuel levy in an attempt to soften the impact on consumers of sharply increasing fuel prices. Global oil prices have spiraled since Russia invaded Ukraine last month. The temporary reduction might also reduce the pressure on the SA Reserve Bank to increase interest rates more sharply.
Beard said the forecast fuel price increases for April – as at March 31, based on the under-recovery – is R1.81 per litre on 95 octane petrol and R1.73 per litre on 93 octane. But he said the fuel levy reduction means consumers will still be looking at a 31c per litre increase in the price of 95 octane and 23c per litre on 93 octane petrol. Beard said the projected price increase for 50ppp diesel, based on the under-recovery, is R3.
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