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Food basket and coins.
A team of Cabinet ministers is expected to report back to President Cyril Ramaphosa in the coming days on measures to mitigate the impact of rising living costs.
The Presidency says the group has been tasked with assessing ways to cushion both the economy and consumers from increases in electricity, food and transport costs.
Presidency spokesperson Vincent Magwenya confirmed the development on the sidelines of the Sixth South African Investment Conference in Sandton, Johannesburg.
The move comes as fuel prices are set to reach record highs at midnight, with petrol expected to increase by more than R5 per litre and diesel by nearly R10 per litre.
Magwenya says the developments are linked to global factors, including tensions in the Middle East.
“The conflict in the Middle East came at the back of the budget announcement. What now has to happen is we have to go back and re-look some of those budget aspects around fuel and other related aspects. The president has put together a team of ministers that include the Minister of Finance, Minister Tau, Minister Ntshavheni, Minister Lamola, Minister Mantashe to look at how we cushion the economy, but more importantly, we cushion consumers, in light of this conflict, which nobody has a sense as to when it will end,” said Magwenya.
The government says further updates will follow once the team has completed its assessment.
Govt looking at ways to lessen fuel price hike’s impact: Magwenya
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