Fuel price increases have been relentless over the last few months, putting more pressure on the budgets of South Africans who are filling up their tanks at a much higher cost.
Standard Bank’s UCount Rewards Programme is helping consumers to limit the impact of the high fuel price on their budgets by enabling its members to redeem their Rewards Points at Caltex fuel stations around the country. The programme has enabled members to redeem over R1.3 billion for fuel purchases at Caltex forecourts since its inception in 2013.
Many motorists are currently paying between R800 and R2 000 to fill their tanks. Yet another fuel price increase came into effect at the beginning of July, with motorists now paying R26.74/litre, the highest petrol price the country has ever experienced.
Recent data from Standard Bank shows that UCount Rewards members are continuing to use their Rewards Points to stretch their rands at the pumps.
“The steep increases in fuel prices are driving up the cost of transportation and causing financial strain for many consumers. However, the UCount Rewards programme achievement of members redeeming over R1.3 billion in Rewards Points for fuel at Caltex, has shown how consumers are using UCount Rewards to reduce their fuel expenses,” says Fayelizabeth Foster, Head of Loyalty and Rewards at Standard Bank.
Standard Bank UCount Rewards members earn up to R5* back per litre of fuel or oil in Rewards Points based on their Tier Level, when filling up at participating Caltex and Astron Energy forecourts. These Rewards Points can subsequently be redeemed at a Caltex and Astron Energy to purchase fuel. If UCount Rewards members don’t have enough Rewards Points to pay for their fuel purchase in full, they can use their Standard Bank card to pay the difference (and earn more Rewards Points when paying the difference).
There are currently higher volumes of traffic on South African roads as more people return to the workplace, learners get back to school full-time and business and leisure activities pick up following the easing of lockdown measures. But the cost of fuel, which has soared between January 2021 and July this year, as well as high inflation sitting at a 13-year high of 7.4%, is placing serious pressure on consumers’ pockets.
Data from the Automobile Association shows that motorists paid an average price of R14.69 per litre of petrol in January, which means that it cost R734.50 to fill up a 50-litre tank at the start of the year. Now, however, with the price sitting at R26.74/litre in July, motorists must pay over 78.2% more (R1 309) for the same amount of fuel.
Foster says: “Standard Bank understands that South Africans are facing financial challenges in the current economic environment. We help to make their hard-earned money go further when they earn and redeem their UCount Rewards Points where it counts the most.
“New members who join the UCount Rewards Programme today, will soon benefit from its fuel purchase rewards and existing members are continuing to smile on the way back from the petrol pump. UCount Rewards is looking forward to putting another R1.3 billion back into their pockets.”
Visit standardbank.co.za for more information.