TUESDAY, 9.00AM
ENERGY Minister Penuell Maduna yesterday accused the multinational oil companies of exercising a stranglehold on the local oil industry.
He suggested instead a government-backed national oil distributor, with a black empowerment share, which would redistribute its profits inside the country.
Maduna said the oil industry benefitted from sanctions-era agreements to encourage multinationals to supply oil to South Africa, which allowed them to charge refined prices for crude oil, “a fraud upon this market”.
He gave as an example: “We don’t set jet fuel prices, but we are told by the airlines that the oild companies are charging 30% more for jet fuel for local and international flights.”