New package to combat fuel price and VAT increases will be released in 2 weeks: Ramaphosa

Government will announce a package of economic measures to cushion the public from the effects of high fuel price hikes and the recent VAT increase.

This is according to president Cyril Ramaphosa, who was addressing business and government leaders in Pretoria on Friday, reports News24.

Ramaphosa said a panel made up of various stakeholders from the economic cluster has been tasked with drafting the package.

“We will be announcing a package of measures to ease the burden of the price increase, this would include the finalisation of the VAT exempt products.

“I will ask the ministers in the economic cluster to finalise the package in a matter of two weeks,” he said.

Hold off on increases

Repeating a similar statement made on Thursday (5 July), Ramaphosa urged retailers and the transport sector to hold off price increases while the plan was being drafted.

“We, as a government, are busy at the moment looking at the impact of these price increases with regards to petrol and we are actively looking at ways in which we can find some solutions,” he said on Thursday.

“Solutions are not going to be easy to find. We feel for our people and we are going to be working to find ways in which we can soften the blow and ameliorate this difficulty that our people are facing.”

He added that as part of talks during Ghanaian president Nana Akufo-Addo’s first state visit to South Africa, the two countries had agreed to engage on energy.

“We were joined by the ministers who deal with energy on both sides. We were particularly pleased when president Akufo-Addo informed us that Ghana was going to open up a new block and they have actively invited South Africa to pay an interest in this. We immediately raised our hand in this,” he said.

Read: Government is looking at ways to lower the fuel price: Ramaphosa

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New package to combat fuel price and VAT increases will be released in 2 weeks: Ramaphosa