The one positive of this, even if some of it is depressing, is that there'll be life on the other side, writes Adriaan Basson.
Minister of Mineral Resources and Energy Gwede Mantashe said the main reason for the lower oil prices was due to the continuous spread of the Covid-19 coronavirus beyond China and Europe as well as the oil price war.
This will make the fuel price the cheapest it has been the past year.
The oil price dropped by as much as 22% on Monday due to a fall out between oil-producing nations.
National Treasury said a new paper will be released on the possible restructure of the fuel levy, to include a local air pollution emissions component.
Taxes on fuel increased from R2.43 in 2010 to R5.63 in 2019.
The price decline is predominantly attributed to a stronger Rand which offsets the rise in global Brent Crude oil prices.
Fuel prices are set for slight drops across the board in the wake of oil price retreats in October, according to the AA.
A combination of falling oil prices and a surprise rally in the rand should ease pressure at the pump.
Fuel consumption increases during load shedding as consumers turn to petrol and diesel-powered generators.
Motorists should prepare themselves for another hike in fuel prices this coming October.
South Africans will see the largest fuel price decreases on record at the end of March 2020.
It's good news for South African motorists as the Automobile Association announced a decrease in petrol, in the midst of a massive oil price drop.
The global spread of coronavirus has negatively affected demand and prices for crude oil.
While 'Januworry' heads into scary-February as the South African economy still battles to keep its head above water, there's a bit of relief for motorists at the end of this month.
The price of petrol will be going down, while that of diesel is set to increase in January, according to Minister of Mineral Resources and Energy Gwede Mantashe.
After the festive season, motorists will be happy to hear that a fuel price drop is set for the New Year.
The apartheid government founded Sasol in the 1950s as a means to use the country’s large coal reserves as a source of fuel using technology developed by scientists in Nazi Germany.
Fuel prices are showing a mixed picture for November, with some prices predicted to climb and others falling, according to the AA.
When margins, retail income and distribution cost are included, 55% of the fuel price is unrelated to the oil price itself.
Higher global oil prices caused by an attack on a major Saudi oil installation are filtering through to the pockets of SA motorists.
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