Energy Minister Thembisile Majola outlines plan to tackle SA’s high fuel prices

South Africa's Deputy Energy Minister, Thembisile Majola, has outlined the government's plan to address the soaring fuel prices in the country at the inaugural Africa Investment Forum. The high cost of petrol has been a pressing concern for consumers, prompting the government to take decisive action to alleviate the financial burden on the populace. During an interview with CNBC Africa, Minister Majola discussed the measures being implemented by the department to regulate fuel prices and enhance competition in the market. One of the key strategies involves setting a maximum price for petrol, which will encourage petrol stations to compete by offering lower prices. This initiative aims to create a level playing field for both major oil companies and new entrants in the market. By fostering competition, the government hopes to drive down prices and provide relief to consumers facing economic pressures. Minister Majola emphasized the importance of striking a balance between regulation and market forces to ensure a fair and competitive fuel pricing environment. The government's efforts to stimulate competition in the fuel sector are expected to benefit consumers and promote a more efficient and transparent market. In addition to addressing fuel prices, Minister Majola also discussed the significance of energy infrastructure development in driving economic growth and sustainable development across Africa. By engaging with investors and promoting localization in the energy sector, the government aims to create job opportunities and enhance skills development among the youth. The Minister highlighted the importance of manufacturing and localizing energy projects to maximize the benefits for the South African economy. In discussions with investors, Minister Majola stressed the need for long-term commitments and collaboration to ensure the success of energy projects in the region. By fostering partnerships and harmonizing efforts across countries, the government aims to create a conducive environment for investment and growth in the energy sector. The Africa Investment Forum serves as a platform for stakeholders to engage in discussions and pursue opportunities for investment and development in key sectors such as energy. Minister Majola's proactive approach to addressing fuel prices and advancing energy infrastructure reflects the government's commitment to driving economic progress and sustainability in South Africa and the wider African region.