Economics
South Africa Mulls Singapore as Reference for Basic Fuel Price
- Energy Department proposes changes to structure of price
- Gasoline retail price rose by 22% over the past year
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South Africa’s Department of Energy proposed changes to the structure of the nation’s basic fuel price as it seeks to reduce the cost of gasoline and diesel.
The proposals include making Singapore the main reference market for the basic price of gasoline, diesel and kerosene, removing a premium on the freight rate and reducing the coastal storage element in the calculation.