The Department of Mineral and Petroleum Resources gazetted a draft policy on 9 July to rebuild fuel reserves. Cabinet approved the document on 1 July for public comment over 30 days.
The draft Strategic Petroleum Stocks Policy proposes a dual-obligation model. The state would hold strategic stocks through the South African National Petroleum Company at Saldanha Bay and Milnerton. Licensed wholesalers and importers would carry a mandatory buffer.
Release would follow tiers based on supply loss. An economic trigger would allow strategic sales if prices reach $145 per barrel.
The document contains internal contradictions on stockholding targets. One section states 90 days for the state and 14 days for industry while another states 60 days and 21 days. Errors also appear in consumption figures and cost calculations.
