Motorists will be relieved to learn that the Minister of Finance Godonwana announced a two-month temporary reduction in the general petrol levy on Thursday afternoon.
Godongwana declared that the government would intervene to help customers cope with sky-high petrol prices. The Democratic Alliance called for a six-month pause on the fuel levy on Thursday.
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Members of Parliament have taken into account recommendations from a variety of industrial groups.
Following the suspension, motorists will save R3.93 cents per litre, lowering the price of petrol from around R21 to as low as R17 per litre.
“Honourable Members, to mitigate the impact of these escalating fuel prices, I hereby table the following proposal, which will be included in the 2022 Rates and Monetary Amount and Amendment of Revenue Laws Bill, for consideration by this House.
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“A temporary reduction of the general fuel levy by R1.50c per litre, for the period 6 April 2022 to 31 May 2022. This will reduce the levy for petrol from R3.85c per litre to R2.35c per litre. The levy on diesel will be reduce from R3.70c per litre to R2.20c per litre. These amounts exclude other levies such as the Road Accident Fund levy and the carbon fuel levy.”
The purpose of the interim reduction in the general fuel levy, according to Godongwana, was to facilitate a phasing in of the fuel price rises that are expected in the short term, which will help South Africans adjust to the new reality.
