SA on edge as monster fuel hike looms

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The government recently exhausted its strategic fuel reserves in a bid to avert price increases for fuel.

PETROL prices may be hiked by close to R4 a litre on Wednesday – unless the government steps in soon.
Fuel prices are usually adjusted on the first Wednesday of every month. According to latest data from the Central Energy Fund, petrol prices must be hiked by R2.43 (95 unleaded) a litre and R2.31 (93) on Wednesday to compensate for oil prices and a weaker rand.

Combined with the fuel levy of R1.50, this would hike the price of 95 unleaded petrol by R3.92 from current levels, while 93 unleaded petrol would be R3.81 more expensive. Diesel prices could rise by more than R2.50 a litre.

The levy was cut by R1.50 a litre for April and May as the government sought to relieve the economic stress of surging fuel prices. Around R6 billion of the state’s strategic oil reserves were sold to fund the levy cut. news24.com

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