How to prep for fuel price hikes

Photo: touchfoundry

POLOKWANE – Consumers received a shock within the first few days of the new year when the price of petrol increased by almost 50 cents a litre on Wednesday, 4 January.

According to Carla Oberholzer, Public Relations Officer at DebtSafe, consumers can expect a few more price hikes this year but by staying positive and planning ahead, they will be able to survive another year. “Consumers have undergone a lot in 2016, and 2017 should be a time of new beginnings. By grabbing every situation, good or bad, by the horns, consumers can make it a memorable and worthy 2017.”

The Central Energy Fund – CEF (SOC) LTD, on behalf of the Department of Energy, released a media statement on 29 December 2016 stating that substantial price increases for all types of fuel will be in effect from January 2017.

Motives for these fuel price adjustments are as follows:

  • The contribution of the Rand/US Dollar exchange rate.
  • The increase in the prices of petrol, diesel and illuminating paraffin, on average, in the international markets during the period under review.
  • Adjustment to the Octane Differential between 95 and 93 Octane.

Even though these increases make budgets a bit tighter, Debt Management Expert at DebtSafe, Wikus Olivier says it is not as bad as it looks.

“If you have a 45-litre petrol tank that you need to fill, for example, don’t waste a few extra bucks on that daily coffee or expensive lunches, choose wisely to rather save it for an extra litre of fuel.”

Olivier says there are quite a few ways to save on your fuel usage:

  • Join a lift club to save on fuel prices.
  • Don’t drive to different shopping centres to buy your groceries, choose one outlet or one mall closest to home. Shopping around may save you a few rand, but you end up spending the money you save on fuel to drive to different locations.
  • Start making use of your rewards systems, if you have any.
  • Make use of a convenient phone app like fillapp to regulate your fuel usage as well as saving money by knowing when to fill up your tank.
  • If you use diesel, be aware that diesel is not regulated, therefore do your homework and know which fuel stations offer the best prices.
  • Ensure you check your tyre pressures regularly, at least once every two weeks, to improve fuel efficiency.

via DebtSafe

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