The cost of war is immense. The loss of life is incomprehensible, and the destruction wrought an unimaginable prospect. Closer to home the cost war in Ukraine, driven by Russian aggression, has deep financial impacts on a South African populace struggling to make ends meet.
War in Eastern Europe will drive up fuel costs, create food supply shortages and price increases, and spark a tumultuous rollercoaster ride in the global financial markets. Added to those pressures is the rise in inflation that has forced the hands of several of the world’s central banks to implement interest rate hikes while the cost of electricity is also on the rise in SA. Eskom plans to implement at least a 10% increase in electricity prices in the coming months.
We desperately need relief as our wallets cry out for some sort of aid from the war being waged upon them.
There was cause for optimism when energy minister Gwede Mantashe said he would be meeting with finance minister Enoch Godongwana to discuss the levies that make up the fuel cost.
But so far, it’s been all talk and no action writes the Sunday Times Daily in the publication’s editorial and that’s the crux of the problem. Godongwana went to great lengths to stress the ways government was putting money back into the pockets of ordinary people when he delivered his budget speech last month.
But on something as vital as being able to fill your car up to get to work, take your kids to school and perform other essential daily tasks, surely the government sees the need to hasten the process and provide some financial relief given the turmoil in Ukraine?
We’ll have to play the wait and see game for now but as the Sunday Times Daily aptly headlines its article, ‘Talk is cheap, Gwede, but fuel certainly isn’t’.
And while the crisis of surging crude oil prices has grabbed the news headlines since the start of Russia’s invasion of Ukraine, there is an underlying crisis that has been unfolding in the background writes Javier Blas.
Diesel, which runs the world’s economy, is running out with not much supply to buy from and the lack of supply predating the conflict in Ukraine.
It’s an interconnected web that threatens to bring down the house of cards upon which we have built our economy.
Here’s a roundup of interesting opinions, analyses, and editorials:
ANC’s inner strife cause of SA’s instability since 2009 – even greater violence coming our way, study finds – Daily Maverick
EDITORIAL: Ramaphosa does SA disservice by cosying up to Putin – Business Day (register to read)
A morning in Ukraine: Ruined apartment blocks, rubble in the streets – Mail & Guardian
‘History will judge you,’ Mr President – The Citizen (for subscribers)
EXPLAINER | Is it legal for foreigners to fight for Ukraine? – News24/Reuters (for subscribers)
WENDY KNOWLER | Hello! That’s no way to do business, darling – Sunday Times Daily (for subscribers)
Cyril Ramaphosa | Special Tribunal shows that tide is turning against corruption – News24
