FNB boosts fuel rewards as South Africa braces for another massive petrol price hike

Financial services group FNB says it will give customers R2 per litre back in eBucks from 1 July, to help contend with rising fuel prices.

The bank said that motorists will likely face yet another fuel price increase in July, with end-month data from the Central Energy Fund pointing to a hike of around R1.80 per litre for petrol and R1.60 per litre for diesel.

However, these hikes will be exacerbated by the Department of Mineral Resources and Energy adding an additional 75 cents per litre to the price as it halves the relief provided by its May interventions.

This could see prices rise by as much as R2.55 per litre next week.

FNB said in a statement on Thursday (30 June) that it will boost its fuel rewards for customers who fill up at Engen, for three months. The additional incentive is applicable to all FNB eBucks customers, irrespective of account and reward tier, and requires little in the way of requirements to qualify.

To qualify for the additional benefit, customers have to:

  • Pay with their FNB and RMB Private Bank Virtual Cards when paying for fuel at Engen.
  • Complete at least one online Virtual Card transaction per month at any merchant.

The additional R2 reward is over and above the lender’s usual fuel rewards, including its double-up system.

The bank offers up to R4 per litre back in eBucks for fuel spend on qualifying FNB Premier, FNB Private Clients, FNB Private Wealth and/or RMB Private Bank card, depending on reward level.

Customers who fill up at Engen and who have vehicle instalments with WesBank are still eligible for the Double Up benefit, where they can earn up to R8 per litre per quarter in eBucks, can now earn up to R10 per litre per quarter in eBucks over the next three months.

Aspire account holders can earn 60 cents per litre back in eBucks when they fill up. With the R2.00 reward, this now jumps to R2.60 per litre.

The incentive will be in place from 1 July 2022 to 30 September 2022.

Read: Here’s what South Africa’s best fuel reward programmes offer as petrol hits record highs

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FNB boosts fuel rewards as South Africa braces for another massive petrol price hike