SOUTH AFRICA: The high price of oil and the weaker rand have contributed to the higher cost of fuel, Finance Minister Pravin Gordhan said today.
He said at a televised New Age breakfast briefing oil is extraordinarily high, and for various reasons the rand has been settling at R8.50 to R9 for the past few years.
He said the weaker the rand, the more expensive the imports into South Africa became.
Gordhan announced yesterday during his 2013 Budget that there would be a hike in fuel costs on April 3.
This includes an increase in the general fuel levy of 15 cents a litre and eight cents a litre for the Road Accident Fund.
The general fuel levy was expected to contribute about R3.2 billion in revenue for the 2013/14 fiscus.