SA Government to Allocate R10bn to Cushion Fuel Prices Amid Global Oil Volatility

SABC News reports that the Bill authorises the National Treasury to withdraw R10bn from the National Revenue Fund and allocate it to the Department of Mineral and Petroleum Resources.

This will help cover fuel costs and protect consumers from fuel price volatility arising from the ongoing conflict between the US, Israel, and Iran, which has seen the global oil price skyrocket.

“We have seen the massive hikes yet again in the fuel price, and this fund, this money, should be utilised for its very purpose, which is to protect women and the economy. We should not just allow it to sit idle,” said Cosatu committee representative Mathew Parks.

According to a statement from committee chairperson Mmusi Maimane, the measure should provide immediate relief to consumers.

The Bill will be tabled in the National Assembly soon for consideration.