Government is considering capping the fuel price

Energy Minister Jeff Radebe has confirmed the government is considering a maximum fixed price for unleaded petrol as a solution to the consecutive increases the country faced in recent months.

Fin24 reports that a task team comprised of officials from the department of energy and the national treasury has been set up to find a solution that will help cushion the financial blow of the ever-increasing petrol price.

“Government is deeply concerned by the rising cost of petrol in South Africa which is largely caused by the rand-dollar exchange rate, and the price of crude [oil],” said Radebe at a post-cabinet briefing on Thursday.

The task team has until October 18 to gather the necessary information. This will be followed by a look into what needs to be done to make the fuel price cap a legally viable decision.

Consumers were granted a “once off” reprieve back in September after government intervention capped the fuel price increase at 5c.

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