Home South African Central Energy Fund data predicts massive fuel price hike

Central Energy Fund data predicts massive fuel price hike

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Motorists can expect to feel more pain at the fuel pumps from next month as early predictions indicate a massive fuel price increase.

File picture: Thobile Mathonsi/African News Agency (ANA)

SOUTH African motorists are about to feel more pain at the fuel pumps from next month after predicted petrol price hikes are estimated to take the price per litre over R25.

This is according to early data that was released on Wednesday by the Central Energy Fund (CEF), which shows an increase of between R2.27 and R2.36/litre for petrol from next week.

A further R1.50/litre increase could be added on as well, as the government’s fuel tax relief comes to an end.

These increases are expected to push the petrol price past the R25/litre level.

Global fuel prices have surged in the wake of Russia’s invasion of Ukraine in February.

Earlier this year in March, South Africa’s government offered some reprieve for motorists as the general fuel levy was slashed from the fuel price in the country.

Last week, Gwede Mantashe, Minister of Mineral Resources and Energy, stated that the general fuel levy cut will fall away at the end of May.

The levy was cut by R1.50 a litre for April and May as government sought to relieve the economic stress of surging fuel prices.

– BUSINESS REPORT

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