Mineral and Petroleum Resources Minister Gwede Mantashe has explained why motorists pay more for fuel and that petrol prices should be lower.
Speaking at the Africa Oil Week conference in Cape Town this week, the minister said that fuel prices should be R14 a litre instead of R20. Despite five consecutive months of lower prices, the latest data suggests that South African motorists are in for a fuel price hike in a fortnight.
Minister Mantashe on fuel prices
Mantashe stated that the fuel levy and the Road Accident Fund were the reasons for high petrol prices in the country.
“In the fuel price, there is the general fuel levy, there is the Road Accident Fund, linked to the price of fuel. So instead of buying a litre of fuel for R14, you buy it for R20,” the minister said.
“Our argument is: you are distorting the price of fuel. Let’s find the formula for separating these two things and have the price of fuel visible.”
“We intend to conclude this discussion in the shortest possible time,” he added as per MyBroadband.
Minister Mantashe also said his department’s calculations suggest that the correct fuel price should be R14 per litre.
Below, the latest projections as received by The South African website from the Central Energy Fund (CEF), effective Monday, 21 October.
| FUEL | PRICE CHANGE |
| Petrol 93 | increase of 14 cents |
| Petrol 95 | increase of 26 cents |
| Diesel 0.05% | increase of 19 cents |
| Diesel 0.005% | increase of 17 cents |
| Illuminating Paraffin | increase of 13 cents |
Should South Africans be paying around 14/L for petrol?
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