The South African Petroleum Industry Association (SAPIA) has warned against making wholesale changes to South Africa’s petrol prices amid growing calls to review how fuel prices are calculated in the country.
The South African Petroleum Industry Association has warned against making wholesale changes to South Africa’s petrol prices amid growing calls to review how they are calculated in the country.
“The overriding rationale of the control of prices and margins should be to ensure that the various stakeholders in the industry earn fair returns,” the group said at a roundtable event ahead of the expected petrol price change on Wednesday . The association said it supports the Department of Mineral Resources and Energy in using the current pricing mechanisms and will continue to engage and provide input into any review of this pricing system.In April 2022, ministers Enoch Godongwana and Gwede Mantashe announced in a joint statement, the short-term relief measures to address fuel price increases. These measures provided immediate relief to consumers impacted by the rising prices of fuel.
The petrol pump price is composed of a number of price elements which include international and domestic factors. The pump price is built off the Basic Fuel price which mimics the costs of the importation of a substantial amount of petroleum products into South African.
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