MARCH NEWSLETTER
Fuel prices are hitting record highs on the back of conflict between Russia and Ukraine. After more than two years of difficult circumstances caused by Covid-19, things seem to be getting even more challenging.
Here is some of the latest and most pressing news you need to be aware of right now in the fuel space.
Trade Union Calls For Deregulation Of Fuel Prices
Meanwhile, trade union Solidarity has called for the deregulation of fuel prices in South Africa, calling the current system a product of “Soviet thinking”. Solidarity argued that South African fuel prices are not regulated down but rather up, which is not in the interests of South African citizens and business owners.
While international oil prices and the exchange rate have an impact on fuel prices, more than 50% of what South Africans pay at the pump is made up of significant government-added taxes such as the fuel levy or road accident fund levy. National Treasury has promised to review its fuel pricing policies, but when and how this will happen remains to be seen.
Fuel Prices Set To Rise Further
As it stands, South Africans can expect additional fuel price hikes in the region of R2 per litre by the end of March, with experts and analysts fearing that the price could reach as high as R40 per litre soon – an all-time high.
Increased fuel prices don’t just affect consumers at the pump. It drives the price of just about every other good or service up too, which causes innumerable knock-on effects on the economy and on quality of life for all.
With fuel prices on the rise, it might be a good time to implement fuel efficiency management protocols and invest in technologies that might help your business reduce fuel costs wherever possible.
Fuel Prices Set To Rise Further
As it stands, South Africans can expect additional fuel price hikes in the region of R2 per litre by the end of March, with experts and analysts fearing that the price could reach as high as R40 per litre soon – an all-time high.
Increased fuel prices don’t just affect consumers at the pump. It drives the price of just about every other good or service up too, which causes innumerable knock-on effects on the economy and on quality of life for all.
With fuel prices on the rise, it might be a good time to implement fuel efficiency management protocols and invest in technologies that might help your business reduce fuel costs wherever possible.
Look out for our next newsletter so that you can stay in touch and in tune with everything happening in the fuel industry. Contact us for further info.