MPs told fuel prices at unsustainable levels and could get worse

The Mineral Resources and Energy Department said that fuel prices had reached unsustainable levels and that they could get worse.

Officials from the department and Treasury briefed MPs on Tuesday about the impact that the Russia-Ukraine war was having on fuel costs.

The department’s Tseliso Maqubela told MPs that fuel prices were a global issue and that no country would be left unaffected by increases.

“No country is going to be spared and this we believe will also move on to food and all other commodities,” Maqubela said.

Maqubela pointed to the war in Ukraine which was sending prices through the roof.

“But the big issue is that when you impose sanctions on the third-largest producer of oil, you will see unintended consequences,” he said.

Treasury proposed a short-term measure of implementing recommendations from the basic fuel price review, which could see a once-off three to 18 cents per litre reduction in the petrol price.

-EWN

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