The president has asked retailers and those in the transport sector to wait for the plan to be drafted before raising their prices.
The petrol price, which is now at more than R16 a litre, has been on the rise since April, following Road Accident Fund and fuel levy increases.
In the same month, former finance minister Malusi Gigaba announced the country’s first VAT increase in 24 years, from 14 to 15 percent, which has increased inflation and made the lives of South Africans even tougher.
According to current finance minister, Nhlanhla Nene, the panel that will be putting together the package met on Thursday night.
“Its mandate had been expanded to look into the effects of the fuel price,” Nene said.
“I think everyone realises that the people are suffering, therefore there is a need to address the matter with urgency.”