South Africa petrol prices

Experts have welcomed the reduction in the fuel levy but still expect an increase in the fuel price due to the ongoing Russia/Ukraine conflict, ...

“We have to understand the need for the fuel levy reduction. We, however, welcome this move and hope that more attention will be paid to the fuel levy in future.”Dr Sanele Gumede, a lecturer in economics at the University of KwaZulu-Natal, said the increasing fuel price had led to inflation increasing, and the government had to act to help boost the economy.“The people of South Africa have already been dealt a blow with the recent increase in the interest rate and now with another fuel price hike looming, the fuel levy cut will lessen the impact of the fuel price increase. I expect the fuel levy to be increased once the Russia/Ukraine crisis is resolved.” Unfortunately even with a decrease in the fuel levy, consumers shouldn’t expect a decrease in the price of food and goods. The reduction is to be funded by a liquidation of a portion of the government’s strategic crude oil reserves. DURBAN - EXPERTS have welcomed the reduction in the fuel levy, but say fuel prices might still go up this month, due to the ongoing Russia/Ukraine conflict and the high price of Brent crude oil.