Government is in discussions to intervene in the reduction of administered prices, including the petrol price, in South Africa.
This is according to Minerals and Petroleum Resources Minister Gwede Mantashe, who was delivering the welcome address at the Africa Oil Week 2024 on Tuesday in Cape Town."If the fuel price goes up, the cost of living goes up, which is not good for our society. To make life more affordable for all South Africa ns, we have already begun discussions on reducing administered prices, including the price of fuel and electricity.
In that regard, he said, the Upstream Petroleum Resources Development Bill is ready for assent by President Cyril Ramaphosa after it was passed by both Houses of Parliament. "We are convinced that once the bill is enacted into law, it will not only pave the way for an orderly development of the Upstream Petroleum Industry but will boost the country's economic growth to 8% as is the case with Namibia which increased its potential to double its economy by 2040 on the back of its recent discoveries of oil and associate gas," he said.There was a problem processing your submission. Please try again later.
"The Bill is undergoing Cabinet processes ahead of its onward transmission to Parliament for consideration and adoption. The enactment of the bill into law will enable the SANPC to operate as South Africa's leading player in the petroleum industry, thereby ensuring energy security, foster partnerships, and propel economic growth on the back of petroleum resources.
News Politics Economy Trade Business Sports Current Events Travel Economy Business And Finance Southern Africa Governance South Africa
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa Embraces A 'Government of National Unity', Marking A New EraFollowing the seventh South African general election, the nation has formed a “government of national unity” (GNU), a coalition of 11 parties aimed at rejuvenating democracy and addressing the country's challenges. The formation of this unprecedented government, hailed as a step in the right direction by many, including author Belonging: Finding Tribes of Meaning – an international debut memoir
Read more »
South Africa Sees Investment Surge After Business-Friendly Government Takes PowerThe formation of a business-friendly coalition government in South Africa has triggered a wave of investment announcements and positive sentiment, signaling a potential turning point for the nation's economy after years of stagnation.
Read more »
South Africa's Government of National Unity: A Hundred Days InOne hundred days after its establishment, South Africa's Government of National Unity (GNU) is facing early scrutiny. Formed in the wake of the ANC's underwhelming election results, the multi-party coalition seeks to implement pro-business economic policies. While it's too soon to gauge its impact, there are concerns that South Africa might be mirroring countries that adopted neoliberal approaches, leading to social unrest.
Read more »
South Africa: Government Welcomes Slight Increases in EmploymentGovernment has welcomed the marginal employment growth and expansion of South Africa's real Gross Domestic Product (GDP) in the second quarter of this year.
Read more »
Government Inaction Driving Up Private Healthcare Costs in South AfricaFive years after the Competition Commission’s Health Market Inquiry concluded, the government has yet to implement any of its recommendations, leading to escalating private healthcare costs and unaffordability for many citizens. The Board of Healthcare Funders (BHF) has now called on the Competition Commission to respond to their application for an exemption from provisions of the Competition Act, which would allow medical schemes to collectively negotiate tariffs and make information public.
Read more »
South Africa: Hundreds of Drug Users Stranded After Gauteng Government Closes RehabsLife Nkanyisa's drug rehabs, formerly known as Life Esidimeni, had capacity for 750 people
Read more »