First National Bank (FNB) has announced additional fuel incentives for qualifying retail and commercial customers from 1 July to 30 September 2022 in the form of an extra R2-per-litre back in eBucks when filling up at Engen.
“This benefit is available to customers irrespective of their reward level and is in addition to what they would have ordinarily earned,” said FNB.
“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, and also complete at least one online Virtual Card transaction per month at any merchant.”
As of 1 July this year, an estimated 3.4-million FNB clients will have access to the temporary incentive, and those whose vehicles are financed through WesBank will also be eligible for the “Double Up” benefit where up to R8-per-litre back in eBucks can be earned.
“Over the years, our fuel rewards with Engen have provided our customers with more than R1 billion in value,” said Raj Makanjee, CEO of FNB Retail.
Petrol prices in South Africa
Fuel prices have been on a rampant uptrend in South Africa for the better part of the last year, with inland prices currently sitting at R24.17 for Petrol 95 and R23.23 for Diesel 50ppm.
In July, these prices are expected to go up by a further R2.03 for petrol and R1.28 for diesel, with another 75 cents on top of both due to the gradual tapering of the tax holiday on fuels.
These shocking increases are not isolated to the domestic market, though, as countries around the globe have been battling to keep fuels affordable amidst the Russia-Ukraine invasion and the ongoing Covid-19 pandemic.
In South Africa, however, the bulk of the hikes over the last 12 months is attributed to a weakening rand and rising international oil prices.
Brent Crude oil sold for $67.45 per barrel on 1 July 2021 whereas on 30 June 2022 it’s selling for $115.70 per barrel, reflecting a 72% increase in 12 months.
Similarly, the rand was trading at around R14.10 to the US dollar at this time last year while it’s currently sitting at R16.20/dollar.
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