This follows an announcement the Minister of Minerals and Energy Buyelwa Sonjica on Monday that as anticipated, wholesale margins applicable to petrol, diesel and paraffin price structures will not come into effect on 2 July.

Speaking to reporters shortly after returning from a meeting with the Energy Champions, she said "I am aware that there is a proposal for a (5.4c/l) increase in the wholesale margin which is supposed to come into effect later this week."

However, the Minister announced that the proposal will not go ahead on Wednesday, and instead "she will embark on a process of consultation with all the role-players, including the petroleum industry, with a view to developing medium to long term approaches for this sector particularly at this time of unacceptably high and volatile oil prices".

Finally, the Minister urged all parties publicly to engage with this matter as it is affecting all South Africans.

New24