Government working to ease fuel pinch

GOVERNMENT said it is actively seeking ways to soften the blow the recent fuel price increases have had on consumers. On Thursday, President Cyril Ramaphosa said the recent fuel increases were unfortunate but that the government was working towards finding a solution.

Fuel this week increased by between 26 cents and 37 cents and was expected to be hiked again next month.

“Solutions are not going to be easy to find. We feel for our people and we are going to be working to find ways in which we can soften the blow and ameliorate this difficulty that our people are facing,” he said.

Read also: New Madiba coin, notes set for next week says Reserve Bank

The President indicated that the situation was beyond the government’s control as prices were determined by the price fluctuations on the dollar exchange basis as well as the price of oil.

“South Africa is in the unfortunate position in that we import our energy resource, which is oil. We are price takers, we don’t make the price and we are therefore vulnerable in that regard.”

The Minister of Energy, Jeff Radebe, is expected to intensify engagements with counterparts in the oil producing countries with a view to obtaining favourable terms for crude oil allocations for South Africa.

“From a diplomatic perspective government will sustain engagement with the oil producing countries to call upon them to moderate their stance on oil production cuts as this hurts the global economic growth prospects, and in particular is detrimental to all developing countries,” the Economic Cluster said.

Read also: A guide to downsizing and earning retirement income

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