One of the only ways that South Africa can reliably lower the cost of fuel is by localising its energy production over the long term, says Mineral Resources and Energy minister Gwede Mantashe.
Mantashe was responding in a recent parliamentary Q&A in which he was asked about his department’s plans to mitigate the country’s record-high fuel prices.
“The second cause of the high crude oil price is the approach adopted by the Organization of Petroleum Exporting Countries and their partners to restrict the increase of crude oil production in an effort to support a higher crude oil price. The high fuel price is affecting all countries of the world.”
“This is a significant sacrifice by government in realisation of the strain that the high fuel prices are placing on consumer and the public at large,” he said.
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