Mantashe says fuel supply ‘sufficient and stable’ despite global pressures

Cape Town – Mineral Resources and Petroleum Minister Gwede Mantashe has tabled the department’s R2.86 billion budget in Parliament, framing it as a strategic response to global economic instability, energy insecurity, and domestic mining challenges.

Mantashe said the budget comes at a time of “a difficult period in the global economy” driven by geopolitical tensions, adding: “We cannot stand on the sidelines and be passive observers.”

He said the plan is aimed at “protecting the livelihoods of our people, securing our energy future, and anchoring our economy against the rising tides of international instability and price volatility.”

He stressed that petroleum security is central to government’s strategy, saying: “The fact remains that petroleum security is not a theoretical debate, but an economic necessity and a national imperative.”

He also confirmed plans to fast-track the South African National Petroleum Company Bill to strengthen state participation in the oil and gas sector.

On fuel supply, Mantashe sought to reassure the public, saying: “We have sufficient fuel supply to meet demand, and that our fuel supply remains stable.”

While global fuel supply challenges persist, I would like to assure the people of SA that we have sufficient fuel supply to meet demand, & that our fuel supply remains stable. We continue to monitor the supply situation and will ensure ongoing transparency in this regard

— Gwede Mantashe (@GwedeMantashe1) May 19, 2026

The budget allocates funds across key entities, including R70.46 million for the South African Diamond and Precious Metals Regulator, R94.98 million for the Petroleum Agency South Africa, R666.9 million for the Council for Geoscience, R328.7 million for Mintek, and R4.89 million for the Mine Health and Safety Council.

Project funding includes R140.87 million for the rehabilitation of derelict and ownerless mines, R48.1 million for shale gas development, R33.83 million for mine water ingress projects, and R31.12 million for artisanal and small-scale mining.

Mantashe said the mining sector remains a key economic driver, noting: “South Africa’s mining Gross Value Add reached R477 billion in 2025,” contributing 6.3% to GDP, while mining royalties rose to R11.8 billion.

He acknowledged ongoing pressures, particularly high electricity costs, which he said place “severe operational pressure on mining companies.”

Zero harm

On policy reforms, he said the Critical Minerals and Metals Strategy has moved from “blueprint to battlefield,” adding: “We are not just planning for the future, we are actioning it.”

He also highlighted progress in geoscience mapping, saying national coverage has increased from below 5% in 2019 to 20% in 2025/26, supported by the Council for Geoscience and its Virtual Core Library initiative.

On safety, he confirmed that the Mine Health and Safety Bill is before Parliament, while the Mineral Resources Development Bill is undergoing legal certification.

He noted that despite progress toward “zero harm,” the sector recorded 41 fatalities in 2025 and referenced the Ekapa disaster, saying investigations are underway and “no stone will be left unturned.”