Cabinet team to report back on economic relief interventions

A woman uses a trolley as she shops at a grocery store in East London, in the Eastern Cape province, South Africa, July 7, 2022.

A team of Cabinet Ministers is expected to report back to President Cyril Ramaphosa in the coming days on possible measures to cushion both the economy and consumers from sharply rising electricity, food and transport costs.

Presidency Spokesperson Vincent Magwenya confirmed this to the media on the sidelines of the Sixth South African Investment Conference in Sandton, Johannesburg.

“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 at some of those budget aspects around fuel and other related aspects. The president has put together a team of ministers that includes 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,” says Magwenya.

THE MINISTER OF MINERAL AND PETROLEUM RESOURCES ANNOUNCES ADJUSTMENT OF FUEL PRICES EFFECTIVE FROM THE 1ST OF APRIL 2026 pic.twitter.com/aQ9TEyCxyu

— Department of Mineral and Petroleum Resources ‏ (@DMPR_ZA) March 31, 2026

VIDEO | South Africa Investment Conference is underway in Sandton:

Earlier, the Department of Mineral and Petroleum Resources announced an increase in the price of fuel with effect from midnight 1 April.

Both grades of petrol will go up by R3.06 per litre, while diesel will shoot up by between R7.51 per litre.

Illuminating paraffin sees the highest increase on record of R11.67 per litre.

The latest adjustments to the fuel price come after government stepped in to cut the general fuel levy by R3 a litre for a one-month period ending on 5 May.

This is expected to cost the fiscus around R6 billion in lost revenue.

“Illuminating paraffin for wholesale will increase by R11.67 per litre. The single maximum national retail price for illuminating paraffin will increase by R15.60 per litre. Maximum retail price for LP gas will increase by R1.08 per kilogram and R1.23 per kilogram in the Western Cape,” says spokesperson for the Department Lerato Ntsoko.