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