Today's Labour News

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petrolpumpBloomberg News reports that Finance Minister Enoch Godongwana has called for changes to the way the fuel price is calculated, after the cost of petrol rose to a record this month.

Regulated fuel prices, which include a levy used to finance a fund to compensate those involved in road accidents and other taxes, have jumped 40% this year. The price increased 3.8% at the beginning of December to R20.29 rand a litre in Gauteng. Godongwana is concerned about the increase in fuel costs. He told MPs on Friday “to the extent that we may have to play a role, to do whatever we can, to support the reform of the fuel price.” Data due out on 15 December is expected to show headline consumer inflation accelerated to 5.5% in November from 5% in October, driven by fuel and food costs. CPI has been above the 4.5% midpoint of the central bank’s target range at which it prefers to anchor expectations since May. Energy Minister Gwede Mantashe told lawmakers that separating the fuel levy from prices would be “helpful.”

  • Read the full original of the report in the above regard by Paul Vecchiatto at BusinessLive

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