President Ramaphosa has welcomed the decision by the Kingdom of Saudi Arabia and other OPEC (Organization of the Petroleum Exporting Countries) countries to focus on price stabilization in their management of oil production.
Rising oil prices contribute to higher fuel costs in South Africa, which exerts further pressure on small businesses, consumers and households, said The Presidency.
“The burden is heavier for the working class and unbearable for the poor,” the Presidency said in a statement.
During recent bi-lateral 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.