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Government ‘deeply concerned’ by rising cost of fuel

Minister Jeff Radebe says the fuel price is largely caused by the rand dollar exchange rate and the cost of crude oil.

FILE: Energy Minister Jeff Radebe. Picture: GCIS

CAPE TOWN - Energy Minister Jeff Radebe says that government remains deeply concerned about the rising cost of fuel.

Radebe says the fuel price is largely caused by the rand-dollar exchange rate and the cost of crude oil.

He says a task team from the Energy Department and the Treasury are looking at ways to cushion the effects on the poor.

Radebe says the petroleum industry is being consulted for expert advice. This includes setting a maximum price for 93 octane petrol.

“So, we’ve given the industry until 18 October to respond to us after which we will take an appropriate decision. We are deeply concerned and that’s why we’re looking at all other means on how we can assist our people.”

Radebe says he remains positive that the rand-dollar exchange rate will improve following the appointment of New Finance Minister Tito Mboweni.

But he says his overriding concern is shielding the poor from the price impact.

The fuel price is going up to a record high with petrol increasing between 99 cents and R1.

FUEL PRICES

Inland
93 unleaded up from R15.86 in September to R16.85 in October
95 unleaded up from R16.08 in September to R17.08 in October
Diesel 50ppm up from R14.45 in September to R15.69 in October
Diesel 500ppm up from R14.40 in September to R15.64 in October

Coastal
93 unleaded up from R15.35 in September to R16.34 in October
95 unleaded up from R15.49 in September to R16.49 in October
Diesel 50ppm up from R13.97 in September to R15.21 in October
Diesel 500ppm up from R13.92 in September to R15.16 in October

(Edited by Shimoney Regter)