As most of us expected, the fuel price looks set to go up again during the peak holiday season in December as reported this week by the SABC. It is highly possible that we could see fuel prices increases of a round 34 cents a litre for petrol and 32 cents a litre of diesel during this upcoming period.

Figures from the Central Energy Fund have showed that consumers in South Africa are currently under-paying for fuel and this could result in the price increases. The fact that the price of brent crude oil is around the $91 a barrel mark also does not help the consumer as prices for fuel have to be adjusted accordingly to the international oil prices.

A report released today: the annual Deloitte Year-end Holiday survey showed that South African consumers still remain more optimistic about their economy than all the other countries surveyed and that South Africans are more likely to spend 12% more this holiday season than in previous years. This anticipated increase in spending may actually be attributed to spending more on purchasing of fuel rather than purchasing food and gifts over this festive season. Our wallets are surely not going to rest in the upcoming months.

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