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Cape Town - October may be the third consecutive month to see a drop in the retail prices of petrol and diesel, but consumers are warned to continue tightening their belts.
Petrol prices are expected to drop by more than 20 cents a litre, according to data released by the Central Energy Fund on Tuesday.
This is as a result of lower international fuel prices and a marginal improvement in the rand-dollar exchange rate.
Debt Rescue CEO Neil Roets said in a statement that the expected drop will provide a respite for South Africans who are drowning in debt.
“The sad fact, however is that these savings will be gobbled up by the introduction of e-tolling which now seems to be set for November.”
Roets said while the predicted price reduction was to be welcomed, consumers should not see this as an opportunity to stack up even more debt.
The National Credit Regulator (NCR) shared these sentiments.
NCR chief operating officer Obed Tongoane cautioned consumers to use credit responsibly as the festive season approaches.
“The steep rise in the cost of living during 2013 is just one obvious sign of what has been an extremely tough financial year for the country as a whole,” he said.
South African fuel prices are calculated on an import parity basis.
The formula is based on fuel prices at refineries in Italy, Singapore and the Arabian Gulf.
Follow these tips to save on petrol:
Petrol prices are expected to drop by more than 20 cents a litre, according to data released by the Central Energy Fund on Tuesday.
This is as a result of lower international fuel prices and a marginal improvement in the rand-dollar exchange rate.
Debt Rescue CEO Neil Roets said in a statement that the expected drop will provide a respite for South Africans who are drowning in debt.
“The sad fact, however is that these savings will be gobbled up by the introduction of e-tolling which now seems to be set for November.”
Roets said while the predicted price reduction was to be welcomed, consumers should not see this as an opportunity to stack up even more debt.
The National Credit Regulator (NCR) shared these sentiments.
NCR chief operating officer Obed Tongoane cautioned consumers to use credit responsibly as the festive season approaches.
“The steep rise in the cost of living during 2013 is just one obvious sign of what has been an extremely tough financial year for the country as a whole,” he said.
South African fuel prices are calculated on an import parity basis.
The formula is based on fuel prices at refineries in Italy, Singapore and the Arabian Gulf.
Follow these tips to save on petrol:
- Lighten your load
- Avoid excess idling
- Service your car regularly
- Switch off the aircon
- Check your tyre pressure
