Motorists are likely facing a hefty hike in petrol and diesel prices in June as the government’s General Fuel Levy intervention is expected to come to an end at the end of the month.
“In this instance, the revenue foregone by the reduction in the levies will be recouped through a sale of strategic crude oil reserves, which are held by the Strategic Fuel Fund, which is a subsidiary of the Central Energy Fund. The sale would be required to raise around R6 billion.” “With finance minister Enoch Gondongwana’s temporary tax relief of R1.50 set to expire at the end of the month, South Africans might have to pay an increase of more than R3 per litre for fuel and as much as R25 per litre of fuel from the beginning of June,” said the DA’s Kevin Mileham.
The opposition party urged the finance minister to continue with this tax relief, and to fast track and prioritise the review of the fuel pricing model. The minister of Mineral Resources and Energy proposed the following package of measures to be introduced after the expiry of the temporary measures from Wednesday 1 June 2022:
The introduction of a price cap on 93 octane petrol, following from the previous DMRE proposal and consultation. This means that retailers can sell below the regulated prices.
Source: Law Daily Report (lawdailyreport.net)
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