WATCH: Latest developments in SA’s petroleum industry

Minister of Mineral Resources and Energy, Gwede Mantashe, will brief the media on the latest fuel developments in the upstream petroleum industry.

UPDATE: Objecting to oil, gas exploration a ‘special type of colonialism’, says Mantashe

Petroleum briefing panel

Mantashe will be joined by the director-general of the Department of Mineral Resources and Energy, advocate Thabo Mokoena.

Chief executive officer of Petroleum Agency South Africa (PASA), Phindile Masangane, and other senior officials of the department will also be present.

WATCH: Petroleum briefing

The briefing will be added here once a live stream becomes available.

Fuel price error

Recently, the department corrected its petrol price miscalculation when the price was overstated by 6c.

The department had earlier said all grades would increase by 81 cents a litre, as opposed to the correct hike of 75 cents per litre.

However, Mantashe said there were no plans to change the formula used to calculate fuel price adjustments.

Review of the fuel price required

According to the department, the six-cent difference was “due to the fact that the adjustment of wages for service stations workers had already been implemented in September”.

The Automobile Association’s (AA’s) Layton Beard said it had already caused many South Africans to pay higher prices for fuel than they should have, and this situation should be rectified.

“The error by the [department] validates the AA’s call that a total review of the fuel price, and an audit of all the process and components which comprise the fuel price, is necessary,” said Beard.

READ MORE HERE: Fuel price review needed after 6c price blunder