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South Africa may introduce a gasoline-price cap and ration the amount of fuel sold to motorists to mitigate the impact of rising oil prices stemming from the war in Ukraine. The measures being considered place SA among a number of other nations weighing steps to offset the impact of surging oil prices on their economies.
Brazil has approved a bill to reduce fuel taxes on fuels; Japan will increase subsidy caps on gasoline; South Korea will extend its 20 percent domestic tax cuts by three months to the end of July; India has kept retail prices for diesel and gasoline at the same levels since November 4, according to BloombergNEF.
“We are part of the global energy supply chain and therefore we are affected by this international conflict,” Department of Mineral Resources and Energy deputy Director-General Tseliso Maqubela told lawmakers yesterday in Cape Town.
“Possible mitigation measures to counter the impact of rising fuel prices would be strict enforcement of speed limits, encouraging working from home, limits on diesel quotas exported, and even limiting amount of fuel per motorist.” — Bloomberg.
Online Reporter