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Fuel prices hit all-time high

By Penwell Dlamini | Mar 06, 2012 | COMMENTS [ 48 ]

Levy coming in April will add to the burden PLUS here's a taste of what it will cost to fill some of our most popular cars' petrol tanks

CONSUMERS will be dealt yet another blow tomorrow when the retail price of all grades of petrol goes up by 28c a litre, pushing the petrol price to an all-time high of R11.05 on the Reef.

The wholesale price of diesel with 0.05% sulphur will increase by 10.38c a litre, while the wholesale price of illuminating paraffin will increase by 4c a litre.

Last month the price of all grades of petrol increased by 34c, pushing the price of 95 Octane to a then all-time high of R10.95 a litre.

Over the past 12 months the price of petrol has increased by 22%, while the taxes on fuel have increased by 11%.

As if that was not enough, Finance Minister Pravin Gordhan announced in his budget speech that the general fuel levy on petrol and diesel would be increased by 20c a litre and the Road Accident Fund would increase by 8c to 88c a litre.

These levies will take effect on April 4, meaning on top of the current increase an additional 28c will be added to next month's petrol price rise.

At the moment motorists are paying R10.77 for unleaded 93, and tomorrow they will begin paying R11.05.

As of April 4, an additional 28c will be added on to the petrol price.

* A Polo Vivo 1.4 takes 45 litres to fill to capacity, which means the motorist will pay R497.25 for a full tank.

* A BMW X5 4.8i takes 85 litres to fill, meaning its owner will spend R939.25 for a full tank.

* A Golf 6 1.4 takes 50 litres to fill and the owner will pay R552.50 to fill it to capacity.

Isaac Matshego, economist at Nedbank, said the fuel price was determined by international oil prices and the exchange rate of the rand.

"Higher fuel prices effectively reduce disposable incomes of consumers as they cut the money that consumers can spend on other goods. As a result, they have a direct impact on overall consumer demand," Matshego said, describing the impact of the increase on the consumers.

"The increase in the petrol price, which now totals 56c a litre since the beginning of 2012, will have a direct impact on inflation as transport costs rise. Diesel prices also raise transport and production costs," he said.

Matshego said the fuel hikes had long-term effects on inflation.

"As fuel is so crucial when it comes to transport and production of goods in the economy, higher fuel prices tend to raise overall price levels and this can have a negative impact on overall growth."

Metrobus spokeswoman Esther Dreyer said the company was part of the City of Joburg and that only one fare increase took place a year.

"Our fare increase is always on July 1. When we draft our increase we take it as close to the CPI (consumer price index) as possible. It has been sent to the city but it has yet to be approved," Dreyer said.

Phillip Taaibosch, general secretary of the SA National Taxi Council, said he could not rule out the possibility of an increase in taxi fares. He said Santaco looked at commodities, including the price of petrol and diesel, tyres, parts and oil, before raising fares.

COMMENTS [ 48 ]

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Pheli-Marabi for sure my boeta.

Mar 08, 2012 8:0 | 0 replies

xhosagirl

What public transport doll?
Really. There is no safe, reliable public transport. If there was, these increases wouldn't bite so hard

Mar 06, 2012 12:48 | 0 replies

@xhosagirl
let's park our cars at home and use public transport, what other choices do we have?

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WHAT public transport?

Where I live there is none - no bus, no train, no taxi!
I am forced to provide my own car for transport work/s.hopping as we don't even get deliveries unless we pay R150.00+ a trip.

I said a long time ago that the ANC was dividing up the country and giving it to a select few of the families and cronies to make them rich.

Sadly it looks like I was correct.
The poor will suffer even more and the middle income earners will be soon joining them!!

NOTE
s hopping is now classified as obscene and vulgar!!!!

Mar 06, 2012 12:38 | 0 replies

This is all BALLZ!!!!!!!!!!!!!!!!!!!!!

Mar 06, 2012 12:29 | 0 replies

We sick in tired of the government making money out of us via these taxes and the fact that
we are subsidizing the cheaper western world fuel prices.95% of the oil is controlled by the rich
western countries....they need to share more.

Mar 06, 2012 12:20 | 0 replies

Bingymann throw one stone! Stone one? Now for real guys it's time we accept that our government is not concerned about its people. It is every man for himself so why bother by saying "together we can do more?" It is clear that all this increases are not done in consultation with the public and this spoilt government will continue to abuse us cos we are too scared to face reality that they just don't care. Vuka maqandeni Afrika!!!

Mar 06, 2012 11:55 | 0 replies

COSATU please help..................

Mar 06, 2012 11:20 | 0 replies

xhosagirl
let's park our cars at home and use public transport, what other choices do we have?
****************************************************************
The taxi fare will increase as well

Mar 06, 2012 11:18 | 0 replies

TKay
Its petrol prices going up and gauteng toll gates - eish...and the gautrain is not cheap either. This really affect the poor and those in middle class but the salary increase will go up by less than 5%

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and o top of that, food will go up too (since petrol is going up)

Mar 06, 2012 11:14 | 0 replies

Its petrol prices going up and gauteng toll gates - eish...and the gautrain is not cheap either. This really affect the poor and those in middle class but the salary increase will go up by less than 5%

Mar 06, 2012 11:4 | 0 replies

will use my horse n donkeys now to travel. petrol 2 expensive now

Mar 06, 2012 10:46 | 0 replies