Fin24 reports that Finance Minister Enoch Godongwana says government hopes to cushion consumers from the spiking oil price, at least temporarily, for the months of April and May.

"I can’t reveal the details at this stage. We are in a sensitive discussion with the Department of Mineral Resources and Energy (DMRE). There is the intention by government to take some immediate steps for April and May. We want to make some mitigating steps during these two months," he told MPs in reply to question in the National Assembly on Wednesday. He said an announcement would be made in the next few weeks. SA consumers are already facing record high petrol prices, and R2 a litre increase is anticipated for April. This will take petrol to R24 a litre. Fuel prices increases also have a significant impact on food prices. The fuel price is highly regulated, and all retailers must charge the retail price set by the DMRE. The price has four components: the basic fuel price; retailer and wholesaler margins; levies and taxes; and distribution and storage costs. The most immediate source of temporary relief would be to suspend the fuel levy, as has been done in some other countries. The fuel levy makes up 23% of the price at the pumps.

• Read the full original of the report in the above regard by Carol Paton at Fin24
• Read too, Government aims for fuel price relief for April and May, at BusinessLive

Get other news reports at the SA Labour News home page