Petrol price to be cut!

By Staff Writer

Compare banks and save with Justmoney

Petrol price to be cut!

The Department of Minerals and Energy is expected to cut the price of petrol on the 3rd of December.

iAfrica explains that the petrol price is based on something called the daily recovery rate which is the difference between what it costs us to get the petrol including the exchange rate and the price at which it is sold. This can be either under or over depending on currency fluctuations.

It has been calculated that if the rate stays the same as it has been recently we could see a whopping R 1.65 per litre cut in the price of petrol.

Business Report also carried the story stating that the bonanza would be based on the average over recovery for this month. The price has already fallen from R 10.70 in July to R 8.96, and we expect further cuts. Maybe now that you can afford to fill your car again you should look at car finance, but even better why not get a smaller vehicle with lower insurance and petrol costs and save up for the January sales.

This article also looked at the possibility of a rate cut as inflation appears to be falling and may even get back in the target range next year.

Business Report brang us a story on new data released by Unisa's Bureau of Market Research. The gist of this was that those who earn between R 500 000 and R 750 000 per year were the most in debt.

Well if it was important to drive a flash car live in a huge house and spend conspicuously it is now imperative that saving, paying off your debt and budgeting become the new cool. The age of conspicuous consumption is dwindling away although like all things it will probably come again.

iAfrica also looked at these data and reported the fact that our gearing is so high that 82 cents in every single rand is going towards paying off debt. This is an astronomical sum and should be cause for serious concern.

Essentially now is the time to cut back on your spending learn how to budget and stick to it, if you get your self in to financial difficulty look at your lifestyle factors, do you really need that extra packaging around your veggies to make the look 'nice' but that adds a 20% premium?

The crunch is here open your eyes and deal with it.

In better news Business Day reported that African Bank Investments Limited (ABIL) were upbeat as their earnings have surged.

ABIL posted a 14% rise in profits. So if you really can't help your self and just have to have that chi-chi whatever it is then why not get your self an African Bank credit card.

Just remember to pay off your entire balance every month or their earnings will jump even higher!

Recent Articles

Featured Debt consolidation – Explained

Dealing with debt can be daunting. If you’re struggling to keep track of which store account to pay next and weighing up which credit card is more important to settle first, you may have considered debt consolation. At Justmoney, we’ve decided to get down to the basics and explain what this entails and what impact you can anticipate on your credit score.  

Read more

3 Vehicle financing options compared – which is cheaper?

Buying a car is a considered a milestone, both in life and financially. Unless you’re able to fork out the cash, many opt for financing. But often the excitement to drive it off the showroom floor overshadows the need to check if you’re choosing the most-suited option. To help you make the best-informed decision we compare available vehicle financing structures in South Africa.

Read more

Splitwise: Split the bill not the friendship

Collecting your friends’ debt to you can be draining. You don’t want to ruin your friendship with them, and it can also be extremely awkward. I don’t know how many times I have written, deleted, and rephrased texts, reminding people to pay what is due to me.

Read more

Stokvel-friendly accounts – which one is fair?

The stokvel economy is approximately worth R49 billion in South Africa. This is according to the National Stokvel Association of South Africa (Nasasa). Altogether 24% of these stokvels are in Gauteng, while only 6% are in the Western Cape.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Cape Town Fish Market Swartland Special

Price: From R123
When: Until 14 July
Where: Cape Town

Aha Casa do Sol Pay 2 Stay 3 Special

Price: R1,200
When: Until 31 July
Where: Mpumalanga

Open University Free Courses

Price: Free
When: Daily
Where: Online