Economy
South Africa Cuts Diesel Prices as Fuel Levy Relief Takes Effect
South Africa's wholesale diesel price will fall by up to 1.20 rand a litre from November 4 after fuel-tax cuts, while petrol will edge down by just 1 cent, the petroleum department said on Tuesday.
Photo: Forextime.com / Wikimedia Commons (CC BY 2.0). Photo shows a stock market concept, not a South African fuel station.
South Africa's diesel price will fall in November while petrol will be little changed after the government announced fuel-tax cuts in a mid-year budget review, the petroleum department said on Tuesday.
The wholesale diesel price will fall by up to 1.20 rand ($0.0722) a litre from November 4, while the regulated petrol price will decline by 1 cent a litre, the department said as it announced monthly price adjustments.
The finance minister announced the tax cuts last month, cutting the fuel levy by 3 rand per litre for diesel and 1.50 rand per litre for petrol from November 4 to December 1. Smaller levy reductions will remain in place until January 5, part of efforts to ease cost-of-living pressures on households and businesses.
The petroleum department said higher crude oil and petroleum product prices and a weaker rand currency contributed to November's fuel price adjustments. South Africa imports most of its fuel, leaving it vulnerable to fluctuations in global energy prices.
At the exchange rate cited in the announcement, $1 equals 16.6236 rand.
Source: Reuters
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