Petrol Set To Hit Record High
Petrol Price To Shoot Up By 11%
In April 2022 the Government took the extraordinary step of reducing its levy on Fuel by R1.50 in an effort to ease the global hike in fuel prices.
These price increases continue to be fueled (see what we did there) by the ongoing war in Ukraine and resultant energy wars in Europe. Someone somewhere is making a lot of money as they cash in on the global demand since Russia has been cut out of global oil markets.
Another factor is the strengthening of the Dollar after rate hikes in the USA and the relative weakening of the Rand due to factors like loadshedding impacting the economy (although there has been a bit of up and down with the Rand recently).
SA consumers now face 50% of that levy reduction disappearing (75 Cents) and a coming 10.6% fuel price hike and a likelihood that the remainder of the levy will also disappear in the near future.
Gauteng Petrol Price (95): R26.74/Litre
12 months ago motorists in Gauteng were paying around R17.39. That’s a massive difference of nearly R10 for each litre.
Across the country, this means that fuel has gone up by 36% since the start of the year.
The price increase comes into effect on Wednessday 6 July 2022.