Alarm bells ring for South African consumers as festive season looms

AS THE festive season approaches, South Africans are grappling with an ever-increasing strain on their finances, exacerbated by soaring living costs and high interest rates.

- ASHLEY LECHMAN

Neil Roets, CEO of Debt Rescue, expressed grave concern about the ongoing financial struggles faced by households across the nation.

“With inflation remaining stubbornly high, the economic outlook for South African consumers in the final quarter of this year is daunting,” Roets said, pointing to looming economic challenges.

The Department of Petroleum and Mineral Resources recently announced an increase in petrol prices, adding to the sense of desperation among consumers.

While a decrease in diesel prices offers a sliver of hope, many South Africans were left disheartened by the petrol price hikes of 1 cent per litre for petrol 93 and 8 cents per litre for petrol 95.

Consumers in October, will see modest decreases for Diesel of 10 cents for 500ppm and eight cents for 50ppm, the department said.

Illuminated paraffin will see an 11 cent decrease.

Following the adjustments, the price of 95 Unleaded petrol will rise to R20.84 at the coast and R21.63 in Gauteng, with 93 Unleaded increasing to R21.48. The wholesale price of 50ppm diesel should fall to R18.63 at the coast and R19.39 inland.