The rising fuel price and other costs are weighing heavily on South Africans consumers, with an increasing number of people turning to rewards programmes to help soften the blow.
Statistics provided by FNB show that more than 90% of eBucks rewards are spent within the first 30 days of receiving them, with a large number of users spending their eBucks on fuel.
“The steady increase in the amount of eBucks spent at petrol pumps across the country is evidence that South African drivers are benefitting from being able to pay for some, if not all of their fuel with their eBucks,” said Johan Moolman, chief executive officer of eBucks Rewards.
“Between September 2018 and September 2019, eBucks Rewards members have spent their eBucks more than their rands to fund petrol purchases at Engen service stations, the programme’s official fuel partner,” he said.
Moolman said that these figures will likely keep rising as South Africans face increasing financial pressure.
“Most economists agree that the rand is set to remain weak and volatile for some time to come, which means that South Africans need to buckle up for a continued bumpy fuel price ride,” he said.
“However, for eBucks Rewards members, the fact that they will be able to use their eBucks to lessen the impact of rising petrol prices and the increasing costs of living, is the one certainty that they know they will always be able to depend on,” said Moolman.
According to the latest mid-month data from the Central Energy Fund (CEF), petrol prices are expected to increase for 95 grade and again drop for 93 grade.
Petrol 95 is expected to increase by 10 cents per litre, while petrol 93 is currently showing a decrease of 5 cents per litre.
Diesel, meanwhile, remains fairly flat, with an expected drop of between nought, and 2 cents per litre for 0.05% sulphur content and 0.005% sulphur content.