Cutting government taxes and levies was the only way to ease an anticipated R2-plus per litre petrol price hike without endangering industry sustainability, MPs were told by various petroleum refining, retailing and wholesalers associations on Friday.
The words may have been different, but without fail the message was the same: knee-jerk responses amid a public outcry of rising petrol prices would undermine the sustainability of the domestic industry given the slim margins across the board.
Levies and taxes account for about a third of the petrol price per litre, with the basic fuel price set on parity pricing for oil imports. Administered prices under the Regulatory Accounting System include wholesale, distribution, retailers and entrepreneur margins, alongside zone differentials that set prices on geographic district and the slate levy financing cumulative petrol price under-recoveries.
In turn, Mantashe indicated current considerations included the strategic oil reserves of about 10 million barrels of oil. “We are looking into strategic fuel stocks because there is a crisis.”encouraging remote working, lower speed limits, but also price caps and limiting petrol purchases to 50 litres at a time.
LFWA director Peter Morgan proposed using at least some of the commodity windfall to offset the petrol price spikes, and also to review the slate levy.
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