As we are standing at the front door of a new month we have to face yet another fuel increase. The first week of April presents South Africa with a massive fuel hike, indicating that in a single year the petrol price increased by 25%.
While Petrol is set to increase by almost R1.20, the price of Gauteng 95 Unleaded petrol will be heading to R17.48.
About 35% of this will be going to tax.
95 Unleaded Petro is seeing an increase of about 90c per liter. The main cause for this increase is the Brent Oil price reaching it’s highest level since 2019, heading toward $70 a barrel.
According to the AA, the General Fuel and Road Accident Fund levies which will be increasing by 26c, causing petrol to increase by about R1.16 a litre and diesel by 92c a litre.
Furthermore the price of 95 unleaded fuel in Gauteng will consequently go up to R17.48 a litre. 25% higher than in April 2020.
Going further back in the history of our fuel economy we can see that the last time 95 unleaded in Gauteng went past the R17.00 mark was in October and November 2018. At that stage Bred crude was trading at $84 a barrel.
How much will be going to tax?
About R6.10 of the petrol price will be allocated to the General Fuel and Road Accident Fund levies, meaning 35% will be going toward tax.
The expected Diesel increase is R15.04 – R5.96 (40%) will be going toward tax. In April 2020 Diesel was nearly 20% cheaper. In April 2019 the cost for Diesel was R14.87