Fuel prices

The emergency fuel-price intervention was announced by the treasury in the parliament on Thursday afternoon, in light of skyrocketing global oil prices.

Interventions will be also considered by the department to reduce the price pressure for illuminating paraffin over the medium term. - A reduction in the basic fuel price of 3c per litre, in line with the recommendations of the review conducted by the department of mineral resources and energy; In phase one of the “two-phase approach”, the treasury announced the general fuel levy would be temporarily reduced, The general fuel levy for petrol will fall from R3.85 per litre to R2.35 per litre and diesel will drop from R3.70 per litre to R2.20 per litre for two months.

Government has been scrambling to find relief measures for motorists and general consumers after the fuel price shot up. Stock photo. Image: 123RF/jarun.

The general fuel levy stands at R3.85/l for petrol and R3.70/l for diesel. The sources said Godongwana is due to announce that the fuel levy for both petrol and diesel would be brought down by just more than R1 per litre for the next two months. Finance minister Enoch Godongwana is due to make a special address to the National Assembly on Thursday afternoon to announce emergency measures to mitigate the impact of soaring fuel prices on consumers and motorists.

Africa's most advanced economy is a net importer of crude oil and refined petroleum products and its government regulated fuel prices are changed monthly, ...

Godongwana said the proposed reduction of the general fuel levy will be funded by the sale of a portion of the government's strategic fuel reserves for an estimated six billion rand. "The intention of the temporary reduction of the general fuel levy is to support a phasing in of the fuel price increases that we are expecting in the short term," Godongwana said. South Africa will temporarily cut the general fuel levy by 1.5C a litre until end-May, as part of emergency interventions to help cushion consumers from high domestic fuel prices, Finance Minister Enoch Godongwana told lawmakers on Thursday.

The government will intervene to soften South Africa's record-high petrol price in April, says finance minister Enoch Godogwana.

The price of diesel is expected to increase by R2.97 – R3.12/litre before the intervention. Interventions will be considered by the DMRE to reduce the price pressure for illuminating paraffin over the medium term. This will allow retailers to sell at a price below the regulated price. - A reduction in the GFL in diesel from R3.70/litre to R2.20/litre - A reduction in the GFL in petrol from R3.85/litre to R2.35/litre - A reduction in the Basic Fuel Price of 3c/l, in line with the recommendations of the review done by the Department of Mineral Resources and Energy (DMRE).

R6bn cost to the fiscus will be covered by the sale of crude stocks by the Strategic Fuel Fund.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily. Finance minister Enoch Godongwana told the National Assembly on Thursday that the levy would be reduced by R1.50 a litre from April 6 until the end of May. That will bring the charge for petrol down from R3.85c/l to R2.35c/l... The government has cut the fuel levy by almost 40% between next week and the end of May at a total cost to the fiscus of R6bn to cushion consumers and businesses from the effect of prices that have jumped to record highs in the wake of the Russian invasion of Ukraine.

European van operators would save fuel costs by going electric, but are being put off by higher upfront costs and a lack of charging infrastructure, ...

The European Commission has proposed all new vans be zero emission by 2035. "An electric van beats a diesel on cost and van buyers know it. EU lawmakers can change this at a stroke by increasing the CO2 targets which will require vanmakers to sell more zero-emissions vehicles," said James Nix, freight manager at T&E.

South Africans have been given a temporary fuel tax reprieve, but it's not going to make petrol or diesel any cheaper next month. Here's what to expect:

This would push the price of 95 Unleaded petrol up to around R21.18 at the coast and R21.90 inland, where 93 ULP will cost around R21.57. Factoring in the temporary fuel levy decrease, motorists can expect increases of between 20 and 30 cents for petrol and a rise in the region of R1.50 for diesel. Although April’s official fuel prices have not been announced as yet, unaudited late-month data supplied by the Central Energy Fund points to increases in the region of R1.80 for 95 Unleaded petrol, R1.72 for 93 Unleaded and R3.00 for 500ppm diesel.

The duty imposed on each liter of fuel will be reduced by almost 40% from April 6 until May 31, Finance Minister Enoch Godongwana told lawmakers on Thursday.

South Africa's finance minister on Thursday announced a cut in fuel prices to help ease pressure on consumers hit with sharply rising energy costs, ...

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Africa's most advanced economy is a net importer of crude oil and refined petroleum products and its government regulated fuel prices are changed monthly, ...

Godongwana said the proposed reduction of the general fuel levy will be funded by the sale of a portion of the government’s strategic fuel reserves for an estimated six billion rand. “The intention of the temporary reduction of the general fuel levy is to support a phasing in of the fuel price increases that we are expecting in the short term,” Godongwana said. South Africa will temporarily cut the general fuel levy by R1.50 a litre until end-May, as part of emergency interventions to help cushion consumers from high domestic fuel prices that have spiked on the Russia-Ukraine conflict, Finance Minister Enoch Godongwana told lawmakers on Thursday.

The government will sell millions of barrels of strategic crude oil reserves to the market in a bid to recoup the R6 billion tax revenue it sacrificed to ...

Government to sell stored oil so it can cut fuel levies this monthThe government will sell millions of barrels of strategic crude oil reserves to the market in a bid to recoup the R6 billion tax revenue it sacrificed to mitigate against rising fuel prices. File Image: IOLThe government will sell millions of barrels of strategic crude oil reserves to the market in a bid to recoup the R6 billion tax revenue it sacrificed to mitigate against rising fuel prices.

South Africans face a financial double blow this month as record fuel prices and electricity tariff increases take effect. Customers who receive electricity ...

Instalments on devices will not be affected by the increase. The group has also indicated that it plans to ask for a further 15.07% increase in 2024 and a 10% increase in 2025. * A reduction in the GFL in diesel from R3.70/litre to R2.20/litre * A reduction in the GFL in petrol from R3.85/litre to R2.35/litre A hike of 17.80% for municipalities was implemented on 1 July 2021. The latest data from the Central Energy Fund shows the petrol price was expected to increase by between R1.73 – R1.81/litre in April. The price of diesel is expected to increase by R2.97 – R3.12/litre.

CAPE TOWN, March 31 (Reuters) – South Africa's finance minister on Thursday announced a cut in fuel prices to help ease pressure on consumers hit with ...

The ministry was also proposing a price cap on petrol and a reduction of the basic fuel price by 3 cents a litre, once Gondongwana’s emergency measure ended.The South African Petroleum Industry Association (SAPIA), which represents oil majors including BP BP.L and Shell RDSa.L, did not immediately respond for comment. The Ministry of Energy said in a joint statement with Gondongwana’s office that plans “to reduce the price pressure for illuminating paraffin over the medium term” would also be considered. With the war in Ukraine and its knock-on effects having sent oil markets soaring, Enoch Godongwana told lawmakers the government would knock 1.50 cents a litre off its general fuel levy until the end of May. Africa’s most advanced economy is a net importer of crude and refined petroleum products where government-regulated fuel prices are changed monthly.

Presenter Wasanga Mehana chats to Visvin Reddy from the organisation People Against Petrol and Paraffin Price Increases (PAPPI).

It's the poorest of the poor. We paying way above R20 per litre. I want to make the point that this will hardly make any impact whatsoever on motorists.