The Congress of South African Trade Unions (COSATU) is calling on Parliament to urgently pass a Special Appropriation Bill that would make R10 billion available to help cushion South Africans against rising fuel prices.
The trade union federation wants the funds to be channelled through the Central Energy Fund’s Equalisation Fund to provide relief to workers and consumers as international oil prices continue to climb.
The call comes as motorists face another significant increase in fuel prices, with petrol expected to exceed R30 a litre for the first time on Wednesday. Diesel prices have already moved above the R30-a-litre mark.
COSATU Parliamentary Co-ordinator Matthew Parks says Parliament needs to act urgently to ensure the funds can be used to provide immediate relief.
Parks says fuel price increases of at least R2.50 have been projected for October, making it essential for National Treasury and the Central Energy Fund to make use of the R10 billion allocation.
He says the proposed intervention could help ease mounting cost-of-living pressures on workers and consumers while limiting the impact of higher fuel prices on inflation.
COSATU has also warned that continued increases in the cost of living could place further pressure on interest rates.
The federation is urging Parliament, Treasury and the Central Energy Fund to move swiftly to ensure fuel relief can be implemented during October and November.