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SA urges Saudi Arabia to produce more oil to help decrease petrol price

Energy Minister Jeff Radebe says the impact of the high oil price on the staggering cost of petrol for ordinary South Africans featured in bilateral talks between South Africa and Saudi Arabia.

Energy Minister Jeff Radebe has welcomed the commitment by the Saudi Arabian government to invest more than R130 billion in the South African economy. The undertaking was made on Thursday while President Cyril Ramaphosa (right) is in Jeddah on a state visit. Picture: Qaanitah Hunter/EWN

JOHANNESBURG – In a bid to decrease the petrol price, the South African government has urged oil-producing Saudi Arabia to produce more oil.

President Cyril Ramaphosa met with Saudi King Salmaan after holding talks with Saudi Crown Prince Muhammed bin Salmaan, who is the heir apparent, in Jeddah on Thursday.

Energy Minister Jeff Radebe says the impact of the high oil price on the staggering cost of petrol for ordinary South Africans featured in bilateral talks between South Africa and Saudi Arabia.

He says they have called on Saudi Arabia to produce more oil so that the price of fuel is reduced.

“We’re looking forward to oil-producing countries to put more oil into the market so that the price can go down, so that we can be able to litigate against the negative impact of the hike of fuel prices in South Africa.”

Currently, South Africa imports close to 50% of its oil from the kingdom nation.

A rise in the global oil price has led to the sharp increase in the cost of petrol over the last three months with a further increase on the cards.

At the same time, Ramaphosa has secured a minimum investment commitment of $10 billion from the Saudi Arabian government.

The state visit to the kingdom nation is the second leg of a three-country tour the President is on.

On Friday, he is expected to spend the day in the United Arab Emirates.

Ramaphosa first met with Crown Prince Mohammed bin Salman in Jeddah where it was committed that the oil-rich nation will invest a minimum of $10 billion in South Africa.

Most of this investment will be directed to energy and power creation.

Since assuming office, Ramaphosa set a target of $100 billion of new investment in South Africa over the next five years.

This undertaking by the Saudis is one step closer to that target.

(Edited by Leeto M Khoza)

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