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SA to Use Strategic Fuel Stock to Mitigate Price Pressure

SOUTH AFRICA
  • Government will use as much as 10% of the country’s strategic fuel stocks to soften the impact of the rising price of petroleum products* The Department of Mineral Resources and Energy is looking at changing the fuel stocks to increase the portion of refined products
  • “Currently we mainly have crude in our strategic stocks. However, the shutdown of two refineries and the change in the strategy of international refinery companies means we have to change the make-up of the strategic fuel stocks,”Mantashe says
  • Been in discussions with Finance Minister Enoch Godongwana about reducing the amount of government levies in the current fuel price structure
  • “Just reducing that can cause social conflict in the country because, South Africa, according to the minister of finance, collects 7.5 billion per month from the fuel taxes. If that is stretched over two months, then it can be a loss of 15 billion rand”
  • South Africa in discussions with TotalEnergies to ensure that gas starts flowing from its offshore fields into Mossel Bay by the end of the decade - bbg
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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