Most South Africans will be waiting until after Wednesday to fill their tanks, with significant decreases for both petrol and diesel set to come into effect.

From September 4, the price of both grades of petrol will decrease by 92 cents per litre, while diesel will come down by between 79 cents (500ppm) and R1.05 (50ppm).

But is it really worth delaying that refuel until the decreases take effect?

Refuelling a small hatchback like the Suzuki Swift with 32 litres will cost approximately R30 less after the decrease kicks in, while a medium sized car will save you up to R50 per tank and a larger bakkie or SUV should cost about R73 less to fill up.

*Diesel tank cost is an estimation. Picture: Jason Woosey

Keep in mind that our calculations are based on the vehicle’s maximum tank capacity minus five litres, or 10 litres in the case of the larger bakkies. The diesel tank cost is an estimation as the price for this fuel type is not fixed.

The bottom line is that most motorists who fill up three times or more in the month stand to save more than R100 per month and this can only be good news for the economy.

Although many are seeing green shoots in the economy, household budgets remain under significant financial pressure as interest rates remain at a 15-year high. This appeared evident in last month’s new vehicle sales figures, which saw a 4.9% year-on-year decline overall, although the budget end of the passenger car market did see modest growth.

WesBank’s communications head Lebo Gaoaketse believes that many potential car buyers have delayed their purchase decisions in hope of an interest rate cut in September.

“While inflation data looks positive to allow a reduction in the prime lending rate, the difference won’t make immediate impactful savings to indebted consumers, but it should begin a rate-cutting cycle that would benefit the market.”

IOL Motoring

#price-decreases

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