President Cyril Ramaphosa has welcomed the decision by the Kingdom of Saudi Arabia and other OPEC countries to focus on price stabilisation in their management of oil production.
In a statement on Sunday, The Presidency said rising oil prices contribute to higher fuel costs in South Africa, which exerts further pressure on small businesses, consumers and households. The burden is heavier for the working class and unbearable for the poor, the high office said.
“During the recent wide raging bilateral talks held in Jeddah, HRH Crown Prince Salman bin Abdulaziz Al-Saud briefed President Ramaphosa about a number of economic initiatives the Kingdom of Saudi Arabia is embarking on, including the intentions of the Kingdom to ensure oil price stability.
“President Ramaphosa appreciated the development as a measure that could provide relief to South Africa’s pressured economy,” the Presidency said.