The South African government could reduce petrol prices by imposing a special tax on monopoly companies—among other things—to make up the fuel levy shortfall, which could lead to a price reduction of around 35% per litre, if not more.
The group noted that when fuel prices go up, everything goes up—especially the price of diesel, as food prices and the cost of living also go up, irrespective of whether you have a car or not. The second is to re-commission many of the refineries that closed their doors in recent years, reducing the reliance on imported fuel by producing a portion locally.
However, he added that importing from BRICS nations such as Russia and Iran would come at a cost, while a special tax on monopoly industries would be ridiculous and would simply chase those companies out of the country.He explained that private companies in South Africa are highly taxed—higher than in most other countries—and this added tax would just signal their exit from the country. Sasol is already a good example.
On the other hand, Roodt said the reopening of refineries in South Africa would potentially work. However, it would be incredibly difficult.
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