Fuel price crisis: Godongwana's firm stance against wealth tax and nationalisation 03.07.2026

Finance Minister Enoch Godongwana has reiterated his opposition to introducing a wealth tax for the "super-rich" and nationalising key sectors, as the government implements measures to mitigate fuel price increases and cost-of-living pressures. Responding to parliamentary questions from EFF MP Carl Niehaus, Godongwana acknowledged that the Middle East conflict has disrupted global crude oil supply, significantly impacting domestic fuel prices. He stated that the government delayed planned fuel levy adjustments from the 2026 Budget and implemented short-term relief, costing approximately R17.2 billion in foregone revenue.

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