Finance minister Enoch Godongwana says the government is in talks to cushion the impact of record petrol price hikes in South Africa over the coming months.
Responding to oral questions in parliament on Wednesday , Godongwana said that this intervention would likely be temporary, with the National Treasury and Department of Mineral Resources and Energy also considering long-term options to help alleviate fuel prices.
“Work is being done in this regard. What is making the matter more urgent is the impact of the Russia-Ukraine conflict which is moving the price of oil faster than we have thought. He added that it is the intention of the government to take some ‘urgent steps’ for April and May specifically. A longer-term review, which will include considerations around the basic fuel price, will aim to make the price of petrol in the country more affordable going forward, Godongwana. However, he noted that this was a separate issue from the urgent intervention measures his department is currently deliberating.The latest data from the Central Energy Fund shows South Africa is on track for a petrol price hike of between R1.85 and R1.93/lite in April.
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