Fin24 reports that the Department of Mineral Resources and Energy (DMRE) announced on Tuesday that the price of 95-octane unleaded petrol would rise by R2.33 a litre on Wednesday, while 93-octane unleaded petrol would go up by R2.43 a litre.
Diesel prices will rise by R1.10 (0.05% sulphur) per litre and R1.07 (0.005% sulphur) per litre respectively, while illuminating paraffin will be R1.56 more expensive per litre. The fuel prices were pushed higher by oil, with the average Brent crude oil price increasing from $104.78 a barrel to $115.00 over the past month. But, Wednesday's increases are smaller than feared after Treasury decided to grant an extension of the reduction in the general fuel levy. The R1.50 relief will be extended from 1 June until 6 July, followed by a downward adjustment to the relief for the second month – to 75c per litre – from 7 July until 2 August. It will be withdrawn from 3 August, according to a joint statement from National Treasury and the DMRE on Tuesday afternoon. The revenue to be foregone from the extension is estimated at some R4.5 billion. "Unlike the previous announcement, this proposal is expected to have an impact on the fiscal framework, as it will not be fully funded through a sale of strategic oil stocks," the statement indicated.
- Read the full original of the report in the above regard at Fin24
- Lees ook, Só lyk finale brandstofpryse, by Maroela Media
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