Finance minister Enoch Godongwana has announced the South African government will introduce emergency measures to help reduce the pain motorists are set to feel at the pumps next month.
Finance minister Enoch Godongwana has announced the South African government will reduce the general fuel levy as an emergency measure to help protect motorists from surging global fuel prices., 31 March 2022, Godongwana announced the GFL would temporarily drop by R1.50 from 16 April to 31 May 2022.Decrease from R3.85/litre to R2.
Reducing the Basic Fuel Price of 3c/l — in line with recommendations from a Department of Mineral Resources and Energy review.A price cap on 93 octane petrol, following consultation on the DMRE’s proposal. This will allow retailers to sell below the regulated price.Review the regulatory accounting system, including the retail margin, wholesale margin and secondary storage and distribution margins. This is to assess whether government can lower margins over the medium term by making adjustments.
DMRE will consider interventions to reduce price pressure on illuminating paraffin over the medium term. While the reduction should provide some temporary relief, the monthly fuel price adjustment kicking in next week is expected to be higher than the reduction in GFL. The most recent data from the DMRE’s Central Energy Fund suggested that the following price increases would come into effect on 6 April:
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