“After months of debilitating petrol price increases – culminating in record hikes in March and April on the back of soaring global oil prices – South African motorists are set to see slight relief in May after the rand nosedived in a week of turmoil. Sadly, this may well be a case of too little, too late,” the group said.
“Although the news of any small petrol price reduction is welcome, it is simply too little too late to have any effect whatsoever on the pain consumers continue to endure when purchasing fuel at the pumps,” he said. “Petrol and diesel prices have surged by more than a third over the past year. What we need is a long-term solution.”
“Our most recent consumer survey shows that 72% of people can no longer cover their household electricity needs, while an astronomical 88% have had to cut sharply on basic goods and services to manage their increased living costs,” he said. “This means that, for too many households, yet another one of the staple foods will simply disappear from the grocery list this month, and who knows what fresh horror May will bring to the table.”A recent report by market research consultancy Eighty20 found that members of the mass credit market in South Africa can be characterised as ‘stressed’ about their level of indebtedness.
“If you are struggling to decrease the amount of debt you’ve accumulated over the summer months or are concerned with rising prices and rising interest rates, you can focus on making a concerted effort to work closely with your debt cycle. You can do this by avoiding the things that trigger excessive spending,” she said.
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