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Mabuza: 5 cents petrol price hike a temporary reprieve

The projected 25 cents increase in the fuel price has been cushioned through the government’s Energy slate account that is normally reserved for fluctuations and to balance out erratic price movements.

Petrol station. Picture: EWN

CAPE TOWN - Deputy President David Mabuza says this month’s five cents increase in the petrol price is only a temporary reprieve.

Motorists were spared a 25 cents a litre increase this month.

Answering questions in the National Council of Provinces on Thursday, Mabuza said there was no doubt the hike in value-added tax is also having a devastating impact on households.

The projected 25 cents increase in the fuel price has been cushioned through the government’s Energy slate account that is normally reserved for fluctuations and to balance out erratic price movements.

But Mabuza says the decision was once off. He says that government must find the money to stimulate the economy, but this does not mean only attracting international investors.

“We need more and more domestic investment. We need to attend to certain policy gaps.”

He says government’s focus is on the agriculture and manufacturing sectors.

“It’s not going to be a walk in the park. Our road to development will be accompanied with pain.”

Mabuza says government is in the process of reconstructing the country, and this also means acknowledging its mistakes and learning from them.

(Edited by Shimoney Regter)