Finance Minister Enoch Godongwana confirms the Department of Mineral and Petroleum Resources has initiated a review of the fuel price formula, which will determine how fuel prices are regulated.
Finance Minister Enoch Godongwana has again put his foot down on the calls to introduce a wealth tax for the “super-rich” and nationalise key strategic sectors of the economy amid measures to quell the fuel price increases and cost-of-living pressures on the working class.
Godongwana confirmed that the Department of Mineral and Petroleum Resources will review the fuel price formula in this financial year.
Responding to recent parliamentary questions from EFF MP Carl Niehaus, he acknowledged that the Middle East conflict resulted in disruptions to the global crude oil supply, which has significantly impacted domestic fuel prices.
He said the government had delayed the planned fuel levy adjustments announced in the 2026 Budget and implemented short-term fuel levy relief to cushion fuel consumers and households from higher fuel and food prices.
