Fuel Prices Surge in South Africa, Relief Measures Announced
Johannesburg News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Fuel Prices Surge in South Africa: Brace for Higher Costs
Fuel prices in South Africa are set to increase significantly starting this Wednesday, with petrol prices rising by R3.06 per litre for both 93 and 95 octane grades, and diesel prices soaring by R7.37 and R7.51 per litre for the 0.05% sulphur and cleaner versions, respectively. Paraffin will also see a significant increase of R11.67 per litre, and LP gas will edge up by about R1 per kilo.
This price hike is primarily due to the surge in Brent crude oil prices, which have risen from $69.08 to $93.67 per barrel, largely attributed to the US-Iran tensions affecting supplies through the Strait of Hormuz. The weakening rand, currently at R16.64 to the dollar, and international product prices following suit, have created a perfect storm pushing costs higher across the board.
The increase in fuel prices is expected to disproportionately affect low and middle-income families, who are already grappling with transport costs. The Democratic Alliance has warned that prices could top R6 per litre and has called for more subsidies to protect everyday people from global price fluctuations.
In response to the price hike, the government has announced a one-month reduction in the general fuel levy, from April 1 to May 5. This will result in a decrease of R10 per litre for petrol and R93 per litre for diesel. While this move will ease the burden on consumers, it will also cost the government around R6 billion in lost revenue, which will be recouped in the 2026 budget.
Despite the price increase, fuel supply remains stable nationwide, with no real shortages reported. However, there have been some distribution hiccups and panic buying, which are expected to resolve themselves in the near future. The government is also working on medium-term relief measures for homes and businesses, with more details expected to be announced soon.
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