SAPRA hopeful fuel prices will continue to drop
It would appear things are on the up for cash-strapped South Africans, thanks to the elections and, most recently, a drop in fuel prices.
The Gross National Happiness Today (GNH.today) project reported this week that the happiness levels in the country have been trending upward since the election results were announced last month and, giving citizens even more reason to smile, fuel prices dropped at midnight on Wednesday (July 3).
National director of South African Petroleum Retailers Association (SAPRA), representing the interest of numerous petroleum retailers in South Africa and a proud association of the Retail Motor Industry Organisation (RMI) Vishal Premlall says the drop in fuel prices is a positive trend and one that South Africans need to provide them with some respite from the tough economic climate and rising cost of living.
“Increasing fuel costs impact every sector of society as they directly translate into higher operational costs for businesses and a higher cost of living for consumers. Small businesses are often hardest hit when fuel goes up, and with SMEs being such a critical sector of the economy, relief in the form of a decrease in fuel costs is tremendous news.
“It’s back to school next week too, so this reduction will also positively impact commuter costs and allow families to have more spending power. Naturally, the broader economic implications of the decrease in fuel costs are equally, if not more, significant,” says Premlall.
He adds that SAPRA would like to see this trend continue as the fuel pumps are one sector of the economy where the consumer can literally see they are paying less. Any saving, he says, for South Africans at the moment is significant.
“Consumers are frustrated by not always seeing a drop in fuel prices translate into savings at the grocery tills and in other spending areas, but their local fuel station should certainly be a happier place to shop at the moment.”
Premlall concludes that SAPRA is in full support of any government and stakeholder interventions that enhance energy resilience and explore alternative energy sources, for the greater good of a sustainable economic future.
“We hope consumers lined up at the pumps before midnight on July 3 just as they would have if the fuel price increased, but this time in celebration of a saving and having a little more money left in the household or business budget.”
