Finance minister Enoch Godongwana has warned that escalating conflict in the Middle East has increased risks to global energy markets, placing significant pressure on domestic fuel prices.
He said data from the Central Energy Fund Group suggests historically high fuel price increases from Wednesday.
Godongwana said consultations have been held between National Treasury and the department of mineral and petroleum resources to explore measures to provide short-term relief to consumers, while maintaining a stable and sustainable fuel supply system.
