SA could look to Ghana for oil to mitigate soaring fuel prices
The government is seeking to be part of oil exploration and exploitation in Ghana to mitigate skyrocketing fuel prices in the country.
President Cyril Ramaphosa made the statement during a media briefing at the Union Buildings after he met his Ghanaian counterpart, Nana Akufo-Addo. The West African leader and his cabinet are in SA on a one-day official state visit.
Ramaphosa said Akufo-Addo had informed him of a new oil exploration block that Ghana was starting‚ saying SA would take advantage of the invitation. SA is experiencing unprecedented fuel price increases‚ blamed on rand-dollar exchange rates and the oil prices.
Ramaphosa said the government had little power to halt the ever-increasing fuel costs.
"SA‚ unfortunately‚ imports oil. As such‚ in the end‚ we are subject to price fluctuations of dollar exchange rates and oil prices because we are price-takers and therefore vulnerable in that regard‚" Ramaphosa said.
He also pleaded with retailers and food producers who were considering increasing prices of their products due to fuel hikes‚ asking them to wait as the government was working on finding a solution.