Petrol and diesel price hikes are showing no signs of slowing down after the official adjustments for October brought inland petrol prices over R30/l for the first time in South Africa’s history. It’s an even uglier sight for diesel drivers, who saw their fuel expenses touch R33/l, with early figures promising another hike in November.
Some relief may be on the way, however. The Standing Committee on Appropriations has adopted its report on the Second Special Appropriation Bill. If that didn’t manage to permeate your suburban brain, we’ve got you covered. The bill proposes the withdrawal of R10 billion from the National Revenue Fund to provide relief.
That R10 billion would be handed over to the Department of Mineral and Petroleum Resources (DMPR) in an attempt to “stabilise fuel costs and protect consumers from fuel price volatility.” The government stepped in to provide relief in April of this year, when the ongoing US-Iran War made it clear prices weren’t coming down.
Keep those figners crossed
“As Parliament and representatives of the people, we must ensure that fuel prices are reduced so that citizens can enter December with some relief,” said the chairperson of the committee, Dr Mmusi Maimane. It’s worth noting that, despite Maimane’s comments on the subject, the relief suggested in the statement is not yet a done deal.
In April, the country saw R3/l cut from fuel levies to provide relief to motorists. Unfortunately, this couldn’t go on forever, with the scheme coming to an end in July. There’s no telling whether South Africa will see further relief this year. The report must still be scheduled for debate in the National Assembly. If it were to come to fruition by December, as Maimane is hoping, the committee would want detailed reports on the spend.
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It also wants the finance and mineral resources ministers to come together to provide a plan for the future. Like what might happen if the country is faced with another historical price hike, under what circumstances the government would be expected to provide relief, and what measures it would use to provide that relief.
All that to say that no official intervention has been confirmed (yet), meaning the current price of petrol and diesel will likely stick around until November at least. When all parties can agree on a proper plan, that R10 billion will be implemented in an attempt to lower fuel prices for all, hopefully for the next several months.
