What’s driving the surge in SA’s fuel price?

Increases in the domestic price of fuel are big news in South Africa, with the price of petrol, diesel and paraffin reaching new highs. The underlying reason for the price increases is movements in the international price of crude oil. The acceleration in the international price of crude oil is linked to the Russian war in the Ukraine. The expectation is that the crude oil price will remain at an elevated level for the duration of the war.

To soften the blow of higher fuel prices for consumers, the South African government decided to waive some portion of the fuel levy as a temporary relief measure. However, this measure is not sustainable, as government revenue is eroded. The retail levy on petrol accruing to the operators of filling stations is currently R2.29 per litre. But this is not the profit per litre of petrol sold at retail level. This retail levy of R2.

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