Godongwana eyes tapping oil reserves again to plug R4.5bn gap
Sale of more crude oil reserves on the cards to fund fuel levy reprieve
The Treasury is considering selling more strategic oil reserves or making budget adjustments to fund new measures to curb rising fuel prices, just more than a week after the country outlined plans to extend the reduction in the general fuel levy at an additional cost of R4.5bn.
“It may well be that the department of energy may spare some more of the strategic oil to be sold. If that doesn’t happen, we will have to find a way of funding it from the fiscus through the adjustment estimates,” finance minister Enoch Godongwana told Business Day. “It’s going to require solutions because we don’t know when the war [in Ukraine] is going to end,” he said...