Petrol to go even higher in May?
For a number of reasons including economic sanctions against Iran, as well as, the Rand to Dollar exchange rate S.A. may see petrol increase by a further 20 cents next month. Also a factor is the pickup in petrol consumption by the US as their seasons change and more people drive their cars, increasing US demand.
SA. consumers have to be realistic and should expect to see the cost of transported goods go up. This will, of course, place further stress on consumers. After the recent huge price jump troubled consumers have had to relook at the way they use transport. Lift clubs and car pooling should be considered to keep costs down. Shopping locally in bulk and less often is another good option.
As prices go up and raises from employers lag behind consumers need to reduce travel expenses and change the way they shop to help reduce costs even as prices go up. Traditionally credit providers try to encourage consumers under debt review to pay more toward their debt each year. However with increases like these pushing inflation up it may not be a practical step to commit to large % increases in repayments each year. In fact, it may be more practical for Debt Counsellors (who come up with the restructuring plans and submit them to the courts) to look at yearly reductions in consumers repayment amounts.
