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BL Premium reports that the rand’s strength and lower oil prices could lead to a fourth consecutive month of fuel price cuts in June despite the fuel levy hike announced by Finance Minister Enoch Godongwana.
He indicated in his 2025 budget speech on Wednesday that the general fuel levy (GFL) would be increased by 16c/l for petrol and 15c for diesel when the next monthly fuel price adjustment was made on 4 June. Citing inflationary pressures as the reason for the hike, Godongwana pointed out that the adjustment – the first in three years – was the sole new tax proposal for the 2025/26 fiscal year. The increases to GFL will help fill the gap from the minister’s rejected VAT hike proposal and ease the main budget deficit. Even with the increased levy, however, fuel prices may drop in June. Yet, the AA warned that fuel levy increases would have far-reaching consequences for consumers and the economy. It said the levy adjustment came as South Africans were already contending with high food prices, elevated interest rates, increased electricity tariffs and persistently high unemployment. The Road Freight Association (RFA) also criticised the fuel levy increase, saying transporters could not absorb increases without detrimental effects on their business sustainability.
- Read the full original of the report in the above regard by Denis Droppa at BusinessLive (subscriber access only)
- Read too, Road Freight Association sounds warning on fuel levy hike, at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page