President Cyril Ramaphosa has lauded the decision by the Kingdom of Saudi Arabia and other OPEC countries to regulate oil output with a focus on price stability.
The Presidency said in a statement released on Sunday that increased oil prices lead to greater gasoline expenses in South Africa, which puts further strain on small enterprises, consumers, and families. According to the high office, the load is higher for the working class and unbearable for the poor.
“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.