Everything you need to know about South Africa’s petrol price hike
BusinessTech.co.za - Apr 6th 2016, 10:41
The Automobile Association has published an infographic breaking down the latest fuel hike for April 2016 – detailing exactly how much money goes where.
South Africans can expect to pay 88 cents more per litre of petrol at the pumps from Wednesday (6 April), following an increase in the basic fuel price of 53 cents on top of a fuel levy hike of 30 cents and a transport tariff hike of 5 cents (rounded down).
For diesel, the price is even higher, with a basic fuel price increase of 62 cents along with the 30-cent hike in the fuel levy, and an unbounded transport tariff hike of 5.7 cents taking the total increase to 98 cents.
With the fuel levy now at R2.85, the projected revenue from the tax for 2016/17 is expected to be R54 billion, the AA said – up 11.6% from R48.4 billion before.
The South African petrol price is adjusted monthly based on a number of factors, mainly international petroleum prices, and the Rand/US Dollar exchange rate.
The Basic Fuel Price (BFP) is calculated using costs associated with shipping petroleum products to South Africa from the Mediterranean area, Arab Gulf, and Singapore, the AA explained.
These costs include insurance, storage, and the cost to use harbour facilities when off-loading petroleum products into storage facilities.
Other costs associated with the petrol price include transport costs – from the harbour to other areas – customs and excise duties, the retail margins paid to fuel station owners, and secondary storage costs. Importantly, these other costs also include the Fuel Levy, and the Road Accident Fund (RAF) Levy.From 2016 Copyright, BusinessTech. All right reserved.
Foreword for Sowetan/Sunday World National Stokvel Survey
31/07/2018 - 13:17
Ubuntu is one of those uniquely African concepts that, for many, define what it means to be South African. A beautiful word that exemplifies a philosophy of caring for the welfare of every individual in a community – that special acknowledgement that “I am because we are.” Ubuntu is a spirit that ignites people to work together, for the benefit of all.
Consumer inflation accelerates as fuel prices bite
18/07/2018 - 10:15
The 4.6% increase in CPI was a little better than expected — possibly thanks to zero inflation in food prices.
Fuel price hike: Consumers brace for higher food, transport costs
04/07/2018 - 11:20
Consumers will be faced with higher travelling costs and the possibility of food price inflation as a result of the fuel price hikes which came into effect at midnight on Tuesday, economists have warned.
Japanese now upbeat about deals with SA
15/05/2018 - 09:42
Trade officials from Japan, who previously had felt sidelined under the Jacob Zuma administration, are in a more buoyant mood, believing that relations with SA have entered a new chapter.
Falling exports take their toll on SA’s current account deficit
09/12/2016 - 12:07
SA’s current account deficit widened more than expected in the third quarter, as the value and volume of exports fell amid weaker output data from the productive sectors of the economy.