Fuel price woes call for even tighter budgeting and cost-cutting

2018-07-11 06:02

MOTORISTS will likely pay 26 c per litre more for petrol and 24 c per litre more for diesel on Wednesday, signalling a further tightening of the financial noose around middle- and lower-income families.

It is a mild increase, given the 10 % increase in fuel prices from January to June, but the devil lies in the detail. Were it not for a slight drop in the world oil price, local fuel prices would have risen much higher because the rand lost value against the dollar in June.

Herein lie the problems; fallout from import tariff disagreements between the U.S. and other nations — China in particular — and our weak economy, mean the rand may slip further.

Also, oil price futures are signalling higher oil prices in the months ahead. Prices have already risen due to U.S. efforts to curb Iranian oil exports, lower U.S. stockpiles and a host of other factors.

At this stage, another big petrol and diesel price increase in August seems a foregone conclusion.

Families are struggling just to keep up with their utility bills, never mind all the other cost of living increases. At this time, careful budgeting and even tighter cost-cutting measures are the only remedies. - Witness Reporter

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