South Africa’s Minister of Mineral Resources and Energy, H.E. Gwede Mantashe, has proposed the importation of crude oil from Russia as a method of alleviating rising fuel prices across the country.
Put forward by the minister during a debate among Members of the National Assembly in Cape Town last week, importing Russian crude could help maintain if not lower prices.
During the debate, representatives from the African National Congress (ANC) and the Democratic Alliance (DA) suggested several alternatives to reducing costs such as the removal of the Road Accident Fund levy and the scrapping of certain taxes contributing to the increasing fuel prices.
“These taxes include a R3.93 per litre general fuel levy and a R2.18 per litre Road Accident Fund levy” stated DA Member of Parliament Kevin Mileham.
However, the ANC contested the deregulation of fuel prices, citing the impact it would have on small operators.
“We should consider importing crude oil from Russia at a low price because it is not sanctioned. Of all the sanctions, there are no sanctions against crude oil, so we can import crude oil from Russia at a lower price,” Mantashe said.
Algeria is increasing its pipeline gas exports to Italy, Spain, France and Tunisia, as well as across Europe, as part of an agenda to increase revenues from gas monetization.
bp has emerged as one of the key players in the regional energy sector, with the company’s EVP Production & Operations Gordon Birrell providing further insight at the conference this November.
