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.
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