The National Treasury has taken the first step to deregulate South Africa’s petrol price, which could allow retailers to compete on price and offer motorists discounts and special offers to fill up at their stations.
The National Treasury has taken the first step to deregulate South Africa’s petrol price, which could allow retailers to compete on price and offer motorists discounts and special offers to fill up at their stations, theSpeaking to the newspaper, finance minister Enoch Godongwana said full deregulation would only take place once the National Treasury figures out how to recoup the R90 billion loss the fiscus would take if fuel taxes are removed in one go.
Godongwana said the government was already considering several options to make up this shortfall, including additional taxes on motor licence renewal fees to fund the Road Accident Fund which relies on funding through a fuel levy. Outa chief executive Wayne Duvenage said fuel stations would be able to publish their prices visibly at their pumps, with deregulation also potentially leading to retailers such as Pick n Pay entering the market.
Addressing parliament on Thursday , Godongwana said this would be done by temporarily reducing the general fuel levy included in the Basic Fuel Price by R1.50/litre for the period between 16 April to 31 May 2022.A reduction in the GFL in petrol from R3.85/litre to R2.35/litreSouth Africa has been hit by a record high petrol and diesel price after Russia’s invasion of Ukraine caused global oil prices to skyrocket.
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