President Cyril Ramahosa has said that the government is reviewing the methodology of the basic fuel price and other regulations to help reduce the cost of petrol in South Africa.
Answering questions in parliament on Thursday (17 March), the president said these changes will be implemented as ‘quickly and as soon as possible’.
“To address the rising cost of petrol, the minister of finance announced that no increases will be made to the general fuel levy on petrol and diesel for 2022/23 to provide some respite from rising costs. The Department of Mineral Resources and Energy and National Treasury are reviewing the methodology for the Basic Fuel Price as well as other regulated components to identify changes that could reduce the cost of fuel,” he said.
He added that a committee of ministers has been established to look at the exact impact of the Russia-Ukraine crisis on South Africa, which will then help towards taking measures to cushion the blow of rising fuel prices.
While Ramaphosa did not specify which measures would be introduced, he said a range of considerations are being considered, including suggestions from opposition parties, business and civil society.
Sources: Economy24, BusinessTech
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