Finance Minister Enoch Godongwana delivers the 2022 Budget Speech from the Good Hope Centre in Cape Town.Finance Minister Enoch Godongwana delivers the 2022 Budget Speech from the Good Hope Centre in Cape Town.which will take effect on Wednesday next week will help cushion further fuel price hikes.
The oil price jumped to well above $100 a barrel after Russia invaded Ukraine in February and this has led to a steep increase in local fuel prices. The minister says the cut in the levy will be financed through the sale of R6 billion worth of strategic oil reserves.He says other measures will be introduced to soften the blow of high fuel prices from June the first – including capping the price of 93-grade petrol.
“The proposed reduction of the general fuel levy will be funded by a liquidation of a portion of the strategic crude oil reserves. In this instance, the revenue forgone by the reduction in the levies will be recouped through a sale of strategic crude oil reserves, which are held by the strategic fuel fund, which is a subsidiary of the central energy fund. The sale will be required, to raise around R6 billion,” says the minister.
In March, the South African Petroleum Industry Association since warned that ongoing rapid petrol price increases will have a huge
I don't think any of these people live with the people they lead 👀 tone deaf
He's playing, remember he's not affected.
This goverment is a damn joke. R1. 50 you can see that you do not pay for petrol out of your own salary because the fuel price doesn't effect you. It's nice being ANC cadres. Big salaries, big cars, big houses. What a joy
He doesn't care cos government pays for his petrol,,,on top of his R2m salary
That will help nothing...cut all those many levies
Kush-in coz whatever pipe is being smoked there by ministry cannot possibly think this is gonna help
Anc is scattering pennies here 🤣
I'm no moved at all until a litre goes back to R10. And the other thing soon they'll increase it by R3 upwards.
Fuel levy must fall FuelPrice
Mxm...
I URGE THE BODY OF CHRIST TO RISE UP, STAND TOGETHER, *PRAY ONE COMMON PRAYER* , SWALLOW IT'S PRIDE. PRAY CYRIL RAMAPHOSA AND HIS SATANIC REGIME OUT OF POWER NOW. LET'S PRAY FOR ALL OF THEM TO FIGHT AMONG THEMSELVES TO THE EXTENT OF KILLING EACH OTHER AMEN.
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It's not enough
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Reduced fuel levy to be funded by sale of strategic crude oil reserves, says finance minister Enoch GodongwanaThe intention of the proposed reduction in the general fuel levy for two months is to support a phasing in of the fuel price increases expected in the short term. One ra....!! Did a sane adult really say this? Very Monty Pythonesque We cannot afford a fuel increase, these tricks won't change that, because it's simple maths. Record unemployment doesn't go well with higher costs of fuel, food etc. Further squeezing of the people can only lead to civil unrest.
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