A recent CSIR study revealed that nearly 60% of Gauteng households spent more than 10% of their income on public transport between 2019/20. That figure will likely grow this month following the recently announced March fuel price hike, making 95 and 93 unleaded petrol R1.21 more expensive. Jean Rossouw, Head: CSI and Financial Education at Capitec, offers helpful budget-stretching strategies to help South Africans navigate the impact this fuel increase will have on their finances.
“The fuel price increase not only directly affects the cost of personal and public transport but also indirectly influences the price of goods and services. Rising fuel prices make transporting products more expensive, so logistics companies will increase their pricing to cover those costs. This increase extends along the value chain until it eventually affects South Africans’ pockets, who pay more at the till when buying goods or services. Fortunately, several strategies can help households manage their finances more effectively during this period.”
Rossouw offers these practical tips to help South Africans navigate the latest fuel price hike.
