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Treasury Could Sell Oil Reserves to Blunt Energy Price Rally

SOUTH AFRICA
  • Business Day reports that the Treasury may sell oil reserves or adjust budget forecasts to fund R4.5bln in further fuel price relief, citing the finance minister Godongwana. Godongwana added that the Department of Energy would have final sign off before any selling of reserves. The decision comes after the extension of the fuel subsidy in South Africa, which only muted the rice in petrol prices, which are increasing at a record pace across South Africa.
  • Ministers headed to the flood-stricken KwaZulu-Natal region have pledged that relief measures will be stepped up in the near future, with the SA health department estimating damage at R187mln.
  • Business confidence data takes focus going forward, with both the SACCI and BER releases due at 1030BST/0530ET and 1100BST/0600ET respectively.

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