South Africa's political history has left concentrations of business ownership and control in many industries, but it's an issue particularly pronounced in the fuel industry.
According to the South African Petroleum Industry Association, businesses in the fuel sub-sector contribute roughly 8% of the country's gross domestic product, equating to approximately R300 billion in production output. There are also about 7,000 petrol stations across all brands, which create over 700,000 direct and indirect job opportunities that make up 5% of total formal employment in South Africa.
The government has also concluded agreements with specific industries and developed charters in terms of which industry participants agree to specific transformation goals - and the same is true for the fuel retail industry. "Businesses are faced with the realisation that transformation is more than just a compliance exercise. They must now also look at ways to add sustainable value to the lives of historically disadvantaged South Africans through empowerment initiatives," says Keylock.
"Nedbank Commercial Banking partnered with PetroCONNECT to offer a comprehensive transformation program to the fuel retailer industry in collaboration with the major fuel brands," says Pillay.
Nedbank it means the order came through to support higher fuel prices than currently. Its only a bit of stake holder propaganda.
Nedbank These transformation targets, does it make the fuel price to rise and cadres to become richer?
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Nedbank 'but the industry must meet transformation objectives to achieve long-term sustainability.' What does that mean ?