Seen in context, the predicted decreases will result in a fall of R3.84 a litre to 93 unleaded petrol inland since January, and R4 to 95 petrol over the same period.
Petrol is set to drop by about R1.74 a litre in May, with diesel falling by R1.56 and illuminating paraffin a whopping R2.18.May 2020 will soon join April in setting back-to-back records for monthly fuel price drops. This is according to the Automobile Association , which was commenting on unaudited month-end data released by the Central Energy Fund.
“The rand has been pummelled by Covid-19 and the Moody's downgrade to junk status, and yet we are still able to predict record-territory fuel price drops. This goes to show just how severely the world oil price has collapsed.” Diesel users are also benefiting, with the predicted price now about R3.49 a litre cheaper than it was five months ago.
“With the massive drop in fuel usage during April revenue from the General Fuel Levy – which comprises about 25% of every litre of fuel – will also suffer. Considering the annual collection rate of the GFL, government will have lost between R6bn and R7bn in revenue through not collecting this tax,” the AA said.
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