South Africa’s government has opted to sell off the country’s strategic oil stocks to compensate for the revenue forfeited to provide a temporary drop in the fuel levy. Fin24 reports that the sale of the strategic stocks to raise R6 billion provides the government with the financial breathing room to offer a R1.50 per litre drop in the fuel price until May – a widely welcomed reprieve as oil prices hit 14-year highs when it surpassed $120 a barrel last month as the implications of Russia’s invasion of Ukraine set in.
