COPE concerns about fuel price

The Congress of the people (COPE) has expressed concerns on the recent cut on

fuel prices.

“The movement is not appreciating a less than R1 cut on fuel

prices considering that the prices have increased close to R2 per litre in nine

months and it’s more likely never ever to decrease,“ said Mthokosizi Myende the movement’s national secretary.

Inflation rate has skyrocketed above 6% and is currently sitting on 6.4% as opposed to the Inflation Targeting Monetary Policy Framework.

He added that the Repo rate remained at 5% and prime rate at 8.5%

in September which he belived had been testimonial that interest rates had

remained stable since the establishment of the National Credit

Regulator.

“However, when we claim economic freedom in our lifetime, we declare poverty as being engineered through inflation as we witness the gap

widening exploiting the working class in favour of benefiting the ruling class

on inflated profit margins,” he said.

Findings by the competition commission that collusive tendering and manufacturing cartels are fixing prices are sufficient evidence that inflation is engineered in South Africa.

Myende explained that the organisation’s Youth Movement is therefore calling on government to establish the National Pricing Regulator similar to the National Credit Regulator,assign the National Credit Regulator to investigate and fine credit providers who are charging excessive interests rates on credit. The also want government to assign the Competition Commission to investigate the price fixing and replace credit bureaus with the National Credit Registrar to report directly to the Monetary Policy Committee of the South African Reserve Bank.