South African consumers will face tough times as petrol, diesel and illuminating paraffin increase by 75c, 93c and 76c respectively. Other factors, such as the increase in toll fees and the general fuel levy and the Road Accident Fund levy will also stretch consumers financially.
The increase in the price of petrol will affect the prices of other goods and services as it will also increase businesses’ expenses. According to Efficient Group chief economist, Dawie Roodt, the knock off effect of the rise in toll fees and fuel prices will affect South Africans heavily.
Debt Rescue chief executive, Neil Roots, stated that there is a growing number of deeply Indebted consumers. For many of them, Debt Review may be the only way to get out of debt.