Klerksdorp Midweek, Klerksdorp - There was more bad news for motorists in the Budget Speech last week when Finance Minister Tito Mboweni announced a 25 cent hike in fuel taxes that will come into effect at the beginning of April, but the good news is that there is a temporary reprieve for March.
According to the Automobile Association, unaudited month-end data shows that fuel price cuts across the board are in store this Wednesday, with petrol set to drop by between nine and 19 cents a litre and diesel falling by around 55 cents. A litre of 95 Octane petrol currently retails for R15.39 at the coast and R16.03 inland.
The current savings come as a result of falling global oil prices, which have outweighed the local currency’s recent slump. If current trends persist then April’s fuel price decrease could easily outweigh the looming tax increase of 25 cents, of which 16 cents goes to the general fuel levy and 9 cents to the Road Accident Fund.
Last week saw international oil prices suffer one of their steepest plunges in recent history due to fears surrounding the coronavirus and its implications for the global economy.