Minister Gwede Mantashe Says GNU Determined To Reduce Cost of Living: “The State Must Intervene”

• South Africa's cost of living situation came under the spotlight at the Africa Oil Week (AOW) 2024
• Mineral Resources Minister Gwede Mantashe said the government aimed to improve the outlook
• Mantashe said the ball was in the state's court to reduce administered prices of fuel and electricity

CAPE TOWN — Mineral Resources Minister Gwede Mantsashe has unveiled the National Unity Government's (GNU) plans for the future of South Africa's energy consumption.

Mantashe announced that the government was considering reducing fuel and electricity administered prices.

GNU determined to improve cost of living

He made the bold pronouncements on Tuesday, 8 October 2024, while speaking during the Africa Oil Week (AOW) 2024 at the Cape Town International Convention Centre (CTICC).

The conference, which runs from 7 to 10 October, highlights all energy opportunities across the continent.

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It focuses on responsible exploration and production, gas monetisation and future fuels by connecting industry leaders and shaping policy.

"We gather here at a time when energy markets have improved, leading to a decrease in basic fuel prices for five months running," he said, noting the GNU aimed to make life affordable for all South Africans.

"We pay attention to that because, in our case, the fuel price is part of the cost of living. If the fuel price goes up, the cost of living increases. That is not good for society," he reiterated to the gathering.

"If it comes down for five months running, we take note of it ... to make life more affordable for all South Africans, we've already begun a discussion about reducing the administered prices, including fuel and electricity.

" The state must intervene to reduce these administered prices in the interest of society and community."

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Source: Briefly News