Danny Zandamela, Chief Executive of Ithala. Photo: Supplied.

JOHANNESBURG – Consumers have had to face one of the highest fuel price increases as the cost of petrol smashes the R17 a litre mark, after Minister of Energy Jeff Radebe announced the adjustment of fuel prices for October on Monday.

"The latest of several fuel price hikes which hit South Africans in short succession, has awoken consumers to the reality that more careful budgeting is a must for everyday essentials and those coping mechanisms will need to be instituted to ensure they live within their means,” said Danny Zandamela, Chief Executive of Ithala SOC Limited.

In the face of such price hikes, financial services provider Ithala SOC Limited urges consumers to better manage the expenses within their control to ensure they are still able to meet their financial commitments.

“Preparing a monthly budget and monitoring actual spend against the budget is always good discipline and helps to manage expenses within your income. “Cutting down on non-essentials and looking out for good deals on basic items could result in significant savings. “In the event that consumers start experiencing difficulties in meeting their financial commitments, it is critical to making appropriate arrangements as soon as possible.”

PERSONAL FINANCE