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Government Confirms Fuel Levy to be Dropped

SOUTH AFRICA
  • Following plenty of coverage in domestic press about local fuel prices over the past few days, the government have confirmed that it will end their fuel levy reduction policy, as planned, next month.
  • This turns focus to Wednesday’s government announcement on the latest price adjustments that could see a R1.60-R1.80 hike for petrol and a R1.55 hike for diesel. For now, the halving of the general fuel levy intervention means another 75 cents per litre is expected on top, but this should rise further next month.
  • However, an interview with the Dept of Energy’s Maake cited a number of policy measures the government could enact to address high prices – including a fuel price cap, an end of guidance for diesel prices and a review of the Regulatory Accounting System.
  • The crisis surrounding Eskom deepened yesterday following a meeting of the ANC’s NEC – at which the Public Enterprises Minister Gordhan came under fire for not doing more to solve the ongoing power cut crisis. Suggestions included declaring a state of emergency as well as moving Eskom from the oversight of the Dept of Public Enterprises and into the Dept of Energy.
  • Later today, unions are to meet with Eskom management to further discuss last week’s pay rise offer.
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