Govt exploring ways of capping price of unleaded petrol

A fuel pump
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Government is exploring ways of capping the price of unleaded petrol.  The petrol price is at an all-time high, with consumers feeling the brunt of the soaring costs of transport and food.

Energy Minister Jeff Radebe says they are engaging the petroleum industry on the matter and expect to get feed-back on the possible capping of petrol next Thursday.

“We started a consultation process with the Petroleum Industry with specific reference of asking their expert advice what the impact would be if we were to set a maximum price for 93 unleaded, so we’ve given the industry until 18 October to respond to us after which we will take an appropriate action,” says Radebe.

Government attributed the recent petrol price increase to  higher oil prices on the unwillingness by the Organisation of Petroleum Exporting Countries (OPEC) to increase their production outputs.

The looming sanctions against Iran oil exports by the United States have also added more pressure on the crude oil prices. The rand depreciated on average from R13.90 to R14.90 to the US dollar during the period under review.

Last week, Democratic Alliance Premier Candidate in the North West, Joe McGluwa, criticised government for ignoring the plight of the poor communities, by increasing the fuel prices. McGluwa  addressed scores of DA members in Mahikeng , who protested against petrol hikes.

“This is unfortunate and unfair for the people of the North West which is a very poor province. Our people are using taxis and buses to their destinations, and we feel that we should deal with bloated ministers in province and national in order for us to deal with the problem that we have. Its completely and for that reason, we as the party we have engaged, the petition that people have signed, we will soon submit it to parliament,” said McGluwa.