No fuel levy and RAF hikes for 2024 – but South African motorists have been bled dry by above-inflation increases to these taxes for the last 20 years.
South African motorists have seen fuel taxes shoot up at rates far higher than inflation for most of the last two decades – with a decision by National Treasury to keep taxes unchanged in 2024 a welcome break.
The external factors include the dollar price of the product on the global market, which is multiplied by the US$/R exchange rate, and additional costs such as insurance, storage, and transport. The revenue generated from the fuel tax is used to fund various government expenditure programmes, while the funds from the RAF tax goes to the government’s Road Accident Fund, which is used for the compensation of accident victims.
While petrol consumers have always paid slightly more towards the fuel levy, diesel and petrol consumers began paying the same contribution towards the RAF since 2002, with its larger increases seen from around 2009.
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