Motorist and commuters have faced a great deal of challenges since the rise in fuel prices, the possibility of US-led sanctions on Russian energy exports has forced commodity prices and fanned fears of persistent high inflation scenario spiralling costs occur simultaneously with a growth downturn. The shock of overflowing oil prices cascaded through financial markets at the first week of this month, as investors sought to price in the impact of a potentially prolonged period of higher global energy costs.
South Africans have been complaining that the rise in fuel prices subsequently means the increase in food and transportation prices, however salaries remain the same meaning individuals won’t afford the cost of living. The poor of the poorest experience rather more difficult challenges as they were already not affording basic necessities.
Finance Minister Enoch Godongwana on Wednesday said the government would announce measures to cushion consumers from sky-high fuel prices
Godongwana was answering questions in Parliament along with other ministers in the economics cluster.
He said the government was eyeing temporary relief at the pumps in April and May.
“Work is being done in this regard. What is making the decision more urgent is in part the Ukraine-Russia conflict, which is moving the price of fuel higher than we thought. The work that we’re doing is intended to respond to the immediate challenge that we’re facing. I think a decision is going to be announced fairly soon.” ~Finance Minister Enoch Godongwana.
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