The Mineral Resources and Energy Minister Gwede Mantashe and Finance Minister Enoch Godongwana announced jointly that they will approach the National Assembly for an extension of the reduction in the general fuel levy until the 2nd August 2022.Wholesale paraffin will increase by R1.56 cents a litre.
Outa’s executive director of accountability, Stefanie Fick says the petrol price has become a big issue in South Africa. “The impact it has on the less fortunate is even worse. Because we all know, the minute the petrol price goes up, transport costs go up. If transport costs go up, what we pay for food and all the essential stuff, it all goes up.”We are struggling with the oil prices going up, [fuel price reprieve] it is good news,” explains Fick.Meanwhile, economists say consumers will still face very steep fuel price hikes despite government’s efforts to cushion the price rises.
Economist Azar Jammine says, “To pay an extra R2.43 extra per litre for petrol and over R1 extra on diesel, we are still talking about paying five to 10 percent more for our fuel consumption.” “It is still a hefty increase and it’s just physiologically now having cramped everyone to expect an increase of closer to R4 a litre. R2.43 increase on petrol doesn’t sound quite as bad but any historical standards, it still remains one of the biggest increases we have ever had,” adds Jammine.
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