The continuing Russia/Ukraine conflict, numerous supply chain bottlenecks and a tightening of global monetary policy have led to further unfavourable changes in the two key drivers of the regulated petrol price — the exchange rate and the global oil price.
These events have led to even larger increases in fuel prices compared to a few months ago when the temporary fuel levy relief was introduced. As such the National Treasury announced on Tuesday that this relief would be extended for another two months.
According to a joint media statement published on the National Treasury's website, this will take the form of a continuation of the relief of R1.50 per litre for the first month, from June 1 to July 6, and then a downward adjustment to the relief for the second month to 75c per litre from July 7 to August 2. The temporary relief will be withdrawn from August 3.
Without this extension, SA's already cash-strapped motorists would have been pounded by a petrol price hike of around R4, pushing the price of 95 octane unleaded petrol over the R25 a litre mark — a staggering month-on-month increase of of just under 20%.
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Government extends temporary reduction in the general fuel levy
Image: Vladyslav Starozhylov/123rf
The continuing Russia/Ukraine conflict, numerous supply chain bottlenecks and a tightening of global monetary policy have led to further unfavourable changes in the two key drivers of the regulated petrol price — the exchange rate and the global oil price.
These events have led to even larger increases in fuel prices compared to a few months ago when the temporary fuel levy relief was introduced. As such the National Treasury announced on Tuesday that this relief would be extended for another two months.
According to a joint media statement published on the National Treasury's website, this will take the form of a continuation of the relief of R1.50 per litre for the first month, from June 1 to July 6, and then a downward adjustment to the relief for the second month to 75c per litre from July 7 to August 2. The temporary relief will be withdrawn from August 3.
Without this extension, SA's already cash-strapped motorists would have been pounded by a petrol price hike of around R4, pushing the price of 95 octane unleaded petrol over the R25 a litre mark — a staggering month-on-month increase of of just under 20%.
Support independent journalism by subscribing to the Sunday Times. Just R20 for the first month.
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