Petrol Price Went Up

The most recent announcement that the petrol price went up is bad news for South Africans. It can be difficult to find balance in your budget and keep up with living expenses, when your affordability decreases month by month. The increase in fuel also has a knock on effect on everything from transport services to the delivery of groceries. High petrol costs inevitably lead to an increase in the cost of consumer goods, as companies adjust their prices to keep operating.

Unleaded petrol (93 and 95) has increased by 28 cents per litre, and diesel saw an increase of 9 cents per litre, with 5ppm diesel seeing a 1 cent per litre decrease. For South Africa motorists, this news is another setback, and for over-indebted consumers, it just puts more pressure on already fragile financial situations. According to the Department of Mineral Resources and Energy, who published these price adjustments effective 1^st February 2023, the main reason the petrol price went up is because of the increase in the cost of Brent Crude Oil.

There are ways to cut back on petrol expenses. A lift club is a great idea, where work colleagues with vehicles make turns driving each other to and from the office – this works out if you stay close to one another. If you are able to work from home, even a few days a week, you’re already saving a significant amount of fuel. It may still work out cheaper to catch a bus than it does to drive your own vehicle in and out of the office each day. With the petrol prices now at R21.38 per litre (inland) and R20.73 (coastal), it is worth considering alternative options in order to save on petrol costs.

Sadly, many average earning consumers are falling behind on payments that are now too expensive to afford. In the past few years, numerous increases have caused many households to cut back and live much more frugally. For some, credit has been essential to their survival, and getting into debt has been the result of undeniably difficult times. This petrol increase comes at a time where South African’s are already battling the results of an unstable economy. This is making is harder for individuals to stay clear of debt.

At Debtco Group, we are aware of the financial strain facing consumers, in the midst of continuous price increases. The reality is that, even with everything going up in price, most household incomes remain relatively unchanged in comparison. Keeping up with rising costs is challenging, especially to individuals who have too much debt and too little money. Our professional Debt Counselling service offers over-indebted South African’s a solution. Let us step in to simplify your finances and get your debts under control.