This is how the petrol price nearly doubled the past ten years - including a 165% increase in tax
South African petrol prices will increase to a record-breaking R17.08 inland this week – up from R9.41 in October 2008.
And at the coast, a litre petrol will cost you R16.49 compared to R9.17 ten years ago.
Over the same period, the tax (or fuel levy) on a litre of petrol increased from a low of R1.27 in October 2008 to R3.37 in October 2018.
This means the tax on fuel increased by 165.35% in ten years.
Energy minister Jeff Radebe attributed the sharp increase in the petrol price to the weakening rand against the US dollar and rising Brent crude oil prices.
“Geopolitical tensions are having a very negative impact on crude oil prices and consequently refined product prices globally,” Radebe said in a statement.
US president Donald Trump recently announced fresh sanctions against Iran, the world’s third largest oil producer, which will likely see the price of crude oil rise even further.
Here’s how South Africa’s petrol prices and fuel levy increased the past 10 years:
Receive a single WhatsApp every morning with all our latest news: click here.
Also from Business Insider South Africa:
- US, Canada reach a NAFTA rewrite agreement, paving the way for an overhaul of the massive trade deal
- This company says South Africa has no favourite biltong brand – but that is about to change
- From a tipping calculator to checking the status of a flight: 20 helpful Google search hacks
- Dagga makes you want more sex, not less — and it might even make you enjoy it more
- These were the most popular meals on Uber Eats in South Africa last year – and noodles are surprisingly popular