Petrol prices in South Africa are at an all-time high â and taxes siphon 65% from every litre sold May 02, 2021, 04:12 PM
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Only 35% of the price you pay at the pump is for fuel. The rest of the cost of petrol goes towards taxes and levies.
In the 2020/21 financial year, a quarter of the petrol price was allocated to the General Fuel Levy, with the embattled Road Accident Fund siphoning a further 14%. Both levies were increased in April.
The Automobile Association and Parliament s Portfolio Committee on Mineral Resources and Energy have both called for a review of how South Africa calculates its petrol prices.
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Proposed changes for how petrol prices are calculated in South Africa
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Parliament’s Portfolio Committee on Mineral Resources and Energy held a series of meetings in April to discuss South Africa’s basic fuel price.
The discussions come after the country’s petrol price reached
record highs this month, with only a slight drop in prices forecast for May 2021.
The committee has now
advisedthe Department of Mineral Resources and Energy to conduct a review of the basic fuel price, including alternatives on the taxation aspect.
It said that high fuel prices have a socio-economic impact that should not be ignored.
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Parliament s Portfolio Committee on Mineral Resources and Energy has voted to not proceed with a proposed probe into the department of energy s Risk Mitigation IPP Procurement Programme.
The proposal was submitted by DA MP Kevin Mileham but garnered no cross-party support.
The committee then passed a separate vote to say that most of its concerns around the programme had been addressed.
Parliament s Portfolio Committee on Mineral Resources and Energy has voted against a proposal to launch an investigation into how bids were awarded for a multi-billion-rand programme to fast-track new power production.
Members on Wednesday voted along party lines at the end of a three-hour hearing. The vote was proposed by the DA s Kevin Mileham, who was seconded by his party colleague James Lorimer. But the proposal garnered no cross-party support and failed.
Possible Fuel Price Breather for Cash Strapped South Africans
Apr 15, 2021
15:04:2021
Cash strapped South Africans might be in for a fuel price breather in May according to the Automobile Association (AA).
The association said in a statement that the reasons for this were due to stability on international petroleum markets and a stronger exchange rate, commenting on unaudited mid-month fuel price data released by the Central Energy Fund.
The current data shows the prospect of a 32 cents-a-litre drop in the price of diesel, and 27 cents for illuminating paraffin.
However, the price of petrol is set to see and increase of 6 cents a litre, but the AA says the exchange rate’s performance looks set to see a decline in the petrol price. So, if the current trends continue, there may be across-the-board relief from the recent series of fuel price hikes. The rand has gained almost 50 cents against the US dollar since mid-March.