)

DR HUB

South Africa's best financial advice, research, how-to's, and insights

How to survive the latest fuel price hike

The price of petrol will increase by 26 cents a litre at midnight on Tuesday.

This will take the fuel price to the R16 mark in Gauteng for the first time, with another hike expected in August.

Debt Rescue CEO, Neil Roets, says the latest fuel price hike will have a knock-on effect on what consumers pay for other goods and services  – while salaries remain the same.

Roets says households will have no choice but to start distinguishing between luxury items and necessities.

“What people can do immediately is make sure you do not have items at home that you do not need. People must be realistic about this.”

Roets says the monthly costs, such as DSTV, is considered a luxury and something hard-pressed consumers can do without.

Parents can also start carpooling when taking the kids to school to try and bring down the monthly spend on fuel.

“People need to have a budget and to plan in that budget,” Roets adds.

He says household should already start factoring in another hike in the fuel price when drawing up a budget.

Need immediate financial help?

Thank you!

We look forward to the opportunity to get you debt-free!