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This is how the petrol price nearly doubled the past ten years - including a 165% increase in tax

Business Insider SA

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.

READ: 4 ways the shock rand slump may hurt you in coming weeks

“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:

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Also from Business Insider South Africa:

Rand - Dollar
16.76
+0.2%
Rand - Pound
20.05
-0.1%
Rand - Euro
17.08
+0.1%
Rand - Aus dollar
11.45
-0.5%
Rand - Yen
0.12
+0.1%
Gold
1,740.70
+0.1%
Silver
19.36
+0.8%
Palladium
1,971.00
+2.5%
Platinum
876.50
+2.1%
Brent Crude
100.69
-2.1%
Top 40
61,153
+2.4%
All Share
67,286
+2.3%
Resource 10
62,685
+3.6%
Industrial 25
82,954
+1.9%
Financial 15
14,695
+2.1%
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