Government will in two weeks’ time announce a package of economic measures to cushion the public from the crippling effects of high fuel price hikes and the VAT increase, President Cyril Ramaphosa said on Friday. Addressing business and government leaders in Pretoria ahead of the BRICS Summit later this month, Ramaphosa said a panel made up of various stakeholders from the economic cluster has been tasked with drafting the package.…

National Treasury’s panel of experts investigating zero-rated VAT items will also consider the impact of recent fuel price increases, Minister of Communications Nomvula Mokonyane said at a post-Cabinet briefing on Thursday. Speaking to reporters in Pretoria, Mokonyane said Cabinet – which met on Wednesday – wished to reassure South Africans that government was working to alleviate the impact of price increases on poor communities. National Treasury in April appointed a…

Consumers will be faced with higher travelling costs and the possibility of food price inflation as a result of the fuel price hikes which came into effect at midnight of Tuesday, economists have warned. The inland price for a litre of 95 octane unleaded petrol will cost R16.02 from Wednesday. The coastal price will be R15.43, according to the Department of Energy. Paul Makube, a senior agricultural economist at FNB…

In a move that is likely to create more uncertainty in the petroleum sector, Mineral Resources Minister Gwede Mantashe last week published a notice restricting applications for oil and gas exploration and development in order to allow his department to change its licensing process. The South African oil and gas industry is said to hold the key to the country’s energy security challenges. But the proposed amendments to regulations governing…

Both grades of petrol, 93 and 95 (ULP & LRP), will increase by 26 cents and 23c a litre respectively on Wednesday, the Department of Energy announced on Sunday. The spike would have been 20c a litre more if it wasn't for declining oil prices, Energy Minister Jeff Radebe said in a statement on Sunday. Diesel 0.05% sulphur and diesel 0.005% sulphur will increase by 26c and 24c a litre…