Losciuto was sacked soon after their home defeat against Super Eagles in Kwazulu Natal yesterday, a result which left them in the bottom-two places with three games remaining.
The Belgian coach joined the Richards Bay-based outfit at the beginning of the season after he was also fired by Black Leopards.
According to a source close to Richards Bay United, Losciuto was served with his dismissal letter on Sunday morning.
"Richards Bay has parted ways with their coach," the source told KickOff.com.
"The decision was taken but the club this morning after their 2-1 loss to Super Eagles yesterday," he added.
Richards Bay are currently in 15th on the standings on goal difference but are only one point adrift 12th as the relegation battle looks set to go down to the wire.