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S/Africa’s Diesel, Petrol Prices To Drop After Levy Cut

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News Investigators/ South Africa has announced fuel-tax cuts in a ​mid-year budget review, bringing down the price of diesel and petrol with effect from Nov. 4.

The wholesale diesel price will ​fall by up to 1.20 rand ($0.0722) a ⁠litre while the ​regulated petrol price will decline by 1 cent a ​litre, the petroleum department said on Tuesday, announcing monthly price adjustments.

The finance minister announced the tax cuts in October, cutting the fuel levy by 3 ​rand per litre for diesel and 1.50 rand per litre ‌for ⁠petrol from Nov. 4 to Dec. 1.

Smaller levy reductions will be in place until Jan. 5, as part of efforts to ease ​cost-of-living pressures on ​households and ⁠businesses.

The petroleum department said in a statement that higher crude oil ​and petroleum product prices and a ​weaker ⁠rand currency contributed to November’s fuel price adjustments.

South Africa imports most of its fuel, leaving ⁠it ​vulnerable to fluctuations in ​global energy prices. ($1 = 16.6236 rand)

Reuters/NAn

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