Economy

South Africa fuel prices to fall in February on stronger rand

South Africa fuel prices to fall in February on stronger rand

The current fuel prices have compelled motorists to recall the 2013 surge in petrol and diesel rates.

The oil prices show no sign of lowering down anytime soon even as the central and state governments continue to pass the buck when it comes to the reduction in various duties imposed on the fuel prices. The per litre cost of Diesel peaked to Rs 68.39 in Mumbai and Rs 64.14 in the national capital. The Brent price, then again, was at $66.88 per barrel, down 74 cents, or 1.1%, from the past close, Reuters revealed.

In his Budget proposals for 2018-19, Jaitley lowered basic excise duty on petrol and diesel by Rs 2 per litre each to Rs 4.48 and Rs 6.33 a litre, respectively. He did not name the states.

More news: Galaxy S9 price leak is bad news for bargain hunters

Answering to a question in Parliament, Dharmendra Pradhan stated that since the Centre's decision to cut excise duty in October 2017, only four states and a Union Territory have slashed out sales tax or VAT on petrol and diesel.

On June 26, 2010, the Government had deregulated fuel prices in the nation, and from June 16, oil organizations do the daily update of petroleum and diesel prices rather than the fortnightly modification.

The reduction will however only be in the region of half a cent for diesel and unleaded fuel, leaving the price of petrol higher than it was at the end of past year.


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