Cape Town - With the most recent petrol price increase to R23.52 a litre and marking the highest petrol price in the last 10 years, here’s how South Africa’s petrol price compares to the rest of the world.
According to the data released by analytics company Global Petrol Prices on Monday, South Africa ranks 65th, with the most expensive petrol prices per litre.
The data indicates that the average price of petrol around the world is R21.83 (US$1.43) a litre.
“With a substantial difference in prices among countries, a general rule to note is that richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices,” read the statement by Global Petrol Prices.
It added that the differences in prices across countries are due to the various taxes and subsidies for petrol, and while all countries have access to the same petroleum prices of international markets, it depends on how individual countries decide to impose different taxes.
With this in mind, Hong Kong ranked as the country with the most expensive petrol price at R45.53 (US$2.962), followed by Norway R43.93 (US$2.858), Denmark R41.90 (US$2.726) and Finland at R41.12 (US$ 2.675).
Other notable countries such as the Netherlands marked their petrol price at R36.98 (US$2.406), US R20.46 (US$1.331), Switzerland R34.20 (US$2.225), UK R33.80 (US$2.199) and Germany R32.02 (US$2.083).
In Africa, the Central African Republic topped the ranks ahead of South Africa at R37.70 (US$2.453) followed by Cape Verde R28.36 (US$1.845) and Morocco R24.04 (US$1.564). Other notable African countries include Uganda R23.06 (US$1.50), Senegal R22.44 (US$1.460), Zimbabwe R22.18 (US$1.443), Namibia R20.32 (US$1.322) and Nigeria R6.39 (US$0.416).
Meanwhile, in a bid to de-regulate the fuel sector in South Africa, Business Tech reported on Monday that the DA announced plans to introduce a new private members’ bill to Parliament with a focus on amending the existing Petroleum Products Act.
“The DA will also ensure that the Competition Commission will keep a close eye on the market and ensure that price gouging does not occur, particularly in rural and small towns where competition may not be fully developed.
“This will ensure that in regions where competition may be low, fuel prices may not exceed an unreasonably high level,” said the party’s Kevin Mileham.
IOL