The proposed 80.5c\/litre increase in the fuel price levies from April 1, combined with the expected 90c\/litre price increase in March, is concerning, Absa said on Wednesday.<\/p>\n
“The lowering fuel price that consumers have been enjoying over the past few weeks will soon be largely negated,” said Absa wealth and investments marketer and analyst Chris Gilmour in a statement.<\/p>\n
“Consumers will see an overall fuel increase of 80.5 cents by 1 April, combined with an anticipated increase of around 90 cents per litre in March due to under-recovery of the fuel price.”<\/p>\n
Earlier on Wednesday, presenting his first main budget as finance minister in the National Assembly, Nhlanhla Nene announced the general fuel levy would increase by 30.5c\/litre and the Road Accident Fund levy by 50c\/litre, effective from April 1.<\/p>\n
Last week, Paul Joubert, senior economic researcher at the Solidarity Research, warned that the<\/span> price of petrol may rise by as much as R1 per litre next month (4 March), while the wholesale price of diesel may go up by 80 cents.<\/p>\n South Africa has experienced seven straight months of fuel cuts. In the first week of February, the price of all grades of petrol dropped by 93 cents a litre, while in January the price of 93 and 95 octane petrol decreased by R1.27 and R1.23 a litre.<\/p>\n The current price for a litre of 95 Octane petrol in Gauteng is R10.31.<\/p>\n According to the latest data (24 February) from the Central Energy Fund, the fuel price is showing the following under-recovery<\/strong>:<\/p>\n Petrol price set for sharp rise in March<\/strong><\/a><\/p>\n\n
More on the fuel price<\/h3>\n