As of midnight tonight, (6 April 2016), the cost of a litre of fuel will shoot up by between 81 cents a litre and 98 cents a litre depending on the fuel you use, says the Automobile Association of South Africa.
South African motorists breathed sigh of relief earlier in March when the cost of petrol dropped a bit.
But tonight petrol 95 will increase by 88c/l, 93 by between 81c/l and 86c/l, and the two diesel fuels by either 96c/l or 98c/l. The cost of a litre of 93 unleaded petrol inland is now R12.32 (up from R11.46) and R11.94 for litre of petrol at the coast (up from R11.13).
The 30c/l increase to the Fuel Levy, announced by Finance Minister Pravin Gordhan during his budget speech in February, has been added to all of the price adjustments.
The constant rise in fuel costs leaves some of wondering what exactly these prices go towards and why.
APRIL’S PETROL PRICING EXPLAINED
According to the Automobile Association of South Africa, petrol prices are adjusted each month and largely depend on the exchange rate and international petroleum prices.
Factors associated with shipping costs to transport the petrol to South Africa can determine the Basic Fuel Price (BFP).
FUEL LEVY AND RAF LEVY FOR APRIL
The price of petrol also includes other transport expenses that occur when getting the petrol from the harbour to the next area. Customs and excess duties, storage costs and more importantly the Fuel Levy and Road Accident Fund Levies are all factors that affect what numbers show up at the petrol pump.
Inland
Using this formula, filling a 50 l tank with 93 unleaded petrol inland, will cost R616.00. Of this, R142.50 goes directly to the Fuel Levy with a further R77 going to the RAF Levy, giving a combined total of R219.50.
Coastal
Using this formula, filling a 50 l tank with 93 unleaded petrol at the coast, will cost R597.00. Of this, R142.50 goes directly to the Fuel Levy with a further R77 going to the RAF Levy, giving a combined total of R219.50.
Take a look at the AA’s infographics below for a great breakdown of what you can expect to pay for petrol and why:
AA-PR19-PRICE OF FUEL – COASTAL (April 2016)
AA-PR19-PRICE OF FUEL – INLAND (April 2016)
