The Department has approved a Slate Levy increase of 30.66 cents per liter to be implemented in the price structures of gasoline and diesel beginning September 7, 2022.
The cost of petrol has been increasing exponentially since the 1970s. The price of petrol in Saudi Arabia is currently at an all-time high. This is due to a combination of factors, including the rise in demand for oil, global warming and sanctions against Iran.
The price of petrol has increased by about 80% over the last few years. It is expected that it will continue to increase gradually until 2030 when it will reach $200 a barrel.
The rising fuel costs have made some people reconsider their decision to purchase a car, especially for those who cannot afford it or do not need one. Some people have taken up cycling as an alternative mode of transportation, which has been increasing in popularity in recent years.
Some countries have started using public transportation systems and bike-sharing services like Uber and Lyft to reduce their carbon footprint.
Is the price of fuel in South Africa rising?
Fuel prices have risen 14% year to date in 2022, from R19.61 in January. Despite some relief in the last two months from successive drops in gasoline prices, the latest data from the Central Energy Fund point to another increase in November.
Why are South African fuel prices rising?
Fuel prices in South Africa are adjusted monthly based on factors such as global oil prices and the rand exchange rate. The Ukraine war and its ramifications sent oil prices soaring earlier this year, driving up South African fuel prices are rising, pushing inflation to a 13-year high of 7.8% in July.
