Mr Makhoali is currently the Head of the Operations Department within the Fund and is responsible for the development and implementation of strategies and projects that address security of supply of petroleum products in the country.  He has an excellent track record of managing the petroleum sector from both the Government and the parastatal perspectives in the country.

He has worked for the Department of Energy as a Petroleum Officer and Head of the Project Monitoring Division responsible for overseeing all oil industry operations in the country which includes the pricing of controlled petroleum products prices.  During this period, he was extensively involved in the sector, including the review of the pricing mechanisms; from the former In - Bond Landed Cost (IBLC) pricing mechanism to the current Basic Fuel Price (BFP) pricing mechanism.  He was also involved in the review of the Oil Industry and Dealers’ margins in which several models such as the Marketing of Petroleum Activities Return (MPAR) and the Discounted Cash Flow DCF were reviewed.  During this period, he also performed the secretarial functions for the Petroleum Fund Board prior to the establishment of the Secretariat office for a period of six months. 

Furthermore, he represented the Department of Energy in petroleum related forums in the region, especially the Southern Africa Development Community (SADC) Petroleum Sub-Committee and the Southern Africa Customs Union (SACU) Interstate Oil Committee (IOC) and therefore possesses vast experience in the petroleum activities within the SADC region.

Following the establishment of the Petroleum Fund in 2004, he joined the Fund as the then Petroleum Officer (Technical) (later re-designated Operations Manager) tasked with the responsibility of the ‘delegated’ function of pricing of petroleum products (petrol, diesel and illuminating paraffin) in the country.  In this period, he was able to localise the actual pricing function in which the Fund subscribed to the price reporting agency; Platts and was therefore able to do the pricing function parallel to the Oil Industry which enabled the Fund to review prices on a monthly basis.  He has also written the Pricing Manual that is used in the Fund as well as the Slate Management Policy which was translated into Memorandum of Understanding between the Oil Industry and the Fund which guides the pricing procedure.  Furthermore, he was able to implement the Uniform Pricing in which prices for petroleum products became the same throughout the country by providing a subsidy mechanism for transport costs to the highland areas of the country and oil companies claim transport costs to these areas.

Furthermore, he represents the Fund in all petroleum related forums such as the African Refiners and Distributors Association (ARDA); where he serves as a member of the Regulation Working Group (RWG); and the IOC.

In this position of Operations Manager for the Petroleum Fund, he has also been exposed to corporate governance issues and is a member of the Project Management Institute.  He holds a Postgraduate Diploma in Petroleum Policy and Management from the Norwegian Petroleum Training Institute (Petrad), Norway and Postgraduate certificate in Management of Petroleum Policy and Economics from Witwatersrand University in the Republic of South Africa.  He obtained BSc. Degree in 1992 from the National University of Lesotho.

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