SNG: South Africa’s rising petrol price is more pressing than supply, says minister

By Zawya

By Staff Writer

South Africans should be more concerned about rising fuel prices than about supply, says the Minister of Mineral and Petroleum Resources, Gwede Mantashe.

Mantashe told the National Assembly during the Economic Cluster question session, according to SABC News, that the country has crude oil reserves sufficient for 30 days, while Sasol has adequate coal reserves to support fuel production.

There is no threat of supply shortages; the biggest threat is pricing, the minister said, adding that the disruption in the Middle East and the Strait of Hormuz does have a direct impact on supply and the cost of petroleum.

The conflict between Israel, the US and Iran has seen global oil prices push up the price of fuel worldwide.

Fuel prices in South Africa would remain well above pre-war levels despite recent moderation, Bongani Motsa, chief economist at the Minerals Council South Africa, warned.

The Central Energy Fund’s latest projections indicate that the petrol price increase, which the Department of Mineral and Petroleum Resources will announce early next week, could be around R3.21 for 95 Unleaded and R3.01 for 93 Unleaded, according to Independent Online.

Diesel costs are projected to rise by between R2.75 for 500ppm and R3.15 for 50ppm.

This would put fuel prices at new records in South Africa — 95 Unleaded petrol expected to reach around R29.26 at the coast and R30.13 in Gauteng, with 93 Unleaded rising to around R29.93.

The wholesale price of 500ppm diesel looks set to reach about R30.98 at the beach and R31.86 inland.

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