Ramaphosa: South Africa Rebuilding Oil Reserves for Energy Security

President Cyril Ramaphosa has confirmed that South Africa is busy rebuilding its strategic oil reserves. He said this step will strengthen the country’s energy security and make it more resilient against supply shocks and high fuel prices.

The president spoke to the media in Sandton, Gauteng, after addressing the SA Youth National Leadership Convening on Youth Employment. He explained that rising fuel prices have placed a heavy burden on ordinary South Africans and businesses. Government has stepped in before with temporary relief by reducing the fuel levy for a few months earlier this year. That help cannot continue forever because the fuel levy brings in around R80 billion a year that is used for important public programmes.

Ramaphosa said the latest assistance will also be time-bound so that the pressure on households eases for now. He noted that many countries sold some of their strategic reserves in the past and are now rebuilding them. South Africa is doing the same. By restocking the reserves, the country aims to stabilise the availability of fuel and reduce the risk of sudden shortages.

The president pointed to the ongoing conflict in the Middle East as one reason prices remain high. He expressed hope that once the situation improves, fuel prices will come down and give further relief to South Africans. In the meantime, government is working to make about R10 billion available to help ease the burden on citizens.

Energy security has been a long-standing concern in South Africa. Low reserve levels leave the country more exposed to global oil market swings and disruptions. Rebuilding the strategic stocks is meant to give the country a stronger buffer so that fuel supplies stay more reliable for transport, businesses and households.

Ramaphosa’s comments come at a time when many South Africans are feeling the pinch of higher living costs. The move to rebuild oil reserves forms part of broader efforts to improve the country’s ability to handle energy challenges while supporting economic activity and everyday life.

Source: https://x.com/SABCNews/status/2113197104575168886