Chairperson, the alarming rate at which the price of crude oil increased earlier this year left many people in shock and caused most businesses to raise the prices of their goods significantly in order to cover their costs and earn a profit.
As per usual, those who were most harshly affected by these increases were the poorest members of our society, as the high cost of fuel, combined with the shortage of certain basic food types, made everyday necessities unaffordable.
The decreases in the price of crude have been just as sudden and significant as the increases were. While I do understand the volatility of the rand has a great impact, the prices of petrol and diesel have dropped and it seems as if they will continue to do so.
While this has provided some relief for car owners, the benefits have not translated into noticeable decreases in the prices of essential goods and services, such as transportation, which consume the biggest portion of these consumers' disposable income. Thank you.