Deregulation of fuel industry not the answer - Fuel Retailers Association

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The local fuel industry and consumers are bearing the brunt of limited fuel stocks due to the war in Ukraine and while government’s stepped in to cushion consumers through the fuel levy relief, it has warned this is an unsustainable intervention.

JOHANNESBURG - Industry players meeting at the fuel retailers conference in Johannesburg have warned that deregulation is not the answer.

They have been meeting to discuss challenges in the sector and come up with long-term solutions as retailers take a beating from the rising price of fuel.Minister of Higher Education, Science and Innovation Blade Nzimande and the deputy director-general in the minerals department are expected to be among the speakers on the second day of the conference.

There’ve been growing calls for deregulation but the Department of Minerals and Energy has previously said that this too would have undesired long-term implications. The Fuel Retailers Association’s Reggie Sibiya agrees: "Deliberations is a buzzword in South Africa. It is seen as a solution which it really isn't. The easiest thing to do for government is to deregulate. How does deregulation happen? Is it pressure coming from motorists? We then have to stand together and warn our government and say look at those countries that have deregulated, like the UK, has the price of oil gone down? No.

Thursday’s speakers are expected to zoom in on the current state of South Africa’s fuel industry, with a panel discussion on unity towards the future.

 

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People who benefit from prescribed profit margin don’t think it’s a good idea to scrap the prescribed profit margin. Gee, thanks for reporting this “news”…

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