Minister of energy Jeff Radebe says they will be engaging with OPEC to look at ways and options to address the escalating global oil prices.
Radebe is calling for price controls and stable adjustments to the volatile Brent crude oils prices especially as emerging market currencies continue to tumble.
He has urged African energy ministers to look at improving and producing oil refineries rather than becoming net importers of refined petroleum.
“When the prices of Brent crude plunged from 115 to 28 dollars per barrel the producer countries found themselves on the back foot. And we are unable to sustain production of crude oil. And that time consumer courtiers enjoyed that wind fall. However, in a space of two years that situation reversed and we have witnessed a rise in the crude oil price from 28 to the current levels. Stability of prices makes allowance for predictability by bother consumers and producers”.
WATCH RELATED VIDEO: