How to save money despite rising fuel costs
Fuel prices hit new records this month and are due to soar further in April. Here is how you can save money despite the high cost of petrol.
Fuel price hikes: Pointers on saving at the pumps
South African consumers have been feeling plenty of pressure at the fuel pumps this month, and the bad news is that another substantial fuel price increase is expected in April.
Petrol soared to well over R21/litre in March, and by April that figure could reach nearly R24/litre. Diesel is expected to increase by over R3/litre.
The underlying cause is the movement in international oil prices, due to the invasion of Ukraine by Russia, the world’s third-largest oil producer. South African fuel prices are calculated and adjusted every month by the Department of Mineral Resources and Energy, and the outlook can change appreciably before the monthly amount is set.
“More than ever, it’s vital to do your research before buying a vehicle, then to insure and maintain it correctly, and watch how you drive,” says Shafeeka Anthony, Marketing Manager of personal finance website JustMoney.co.za.
Anthony suggests several ways to pump up your fuel savings:
READ: 'It could have been worse' - motorists spared some pain at pumps in April
Research running costs
Your car, together with your home, is probably your most valuable asset. Research the running costs of various car models, as a more fuel-efficient vehicle will save money on routine fill-ups.
While smaller cars are generally more efficient, technological advances, such as stop-start technology, and the push by manufacturers to produce smaller engines, have meant that even late model, larger cars can be just as efficient. Proper research before purchasing is therefore imperative.
It’s essential to ensure that, should an accident or theft occur, you can cope with the setback. A vehicle insurer will take many factors into account, such as your age, where you live, and possibly your financial background. Installing a tracking device could give you greater peace of mind and reduce your premiums.
Fuel-efficient driving
Work from home, and when you drive, choose non-peak times if possible. Use a navigation system to choose a direct route to your destination.
Remove weighty items from the boot or back seat, as well as roof racks when not in use, as vehicle aerodynamics play an important part in fuel efficiency.
Pace yourself in traffic. Accelerating from a stop uses more energy than when your vehicle is in motion. Stick to the speed limit and drive smoothly, avoiding sudden braking and erratic acceleration. You’ll use less fuel and be safer on the road.
Air conditioner compressors use engine power and increase fuel usage, especially at low speeds. Select economy mode and keep windows closed, or use a fan only.
Excessive revving at idle is unnecessary, as modern fuel injection systems make provision for cold starts. While driving, do not over-rev the gears. Shifting at the correct RPM is arguably the most effective way of reducing your fuel consumption.
Many banks and retailers have teamed up with fuel providers to reward customers with points or cash back. This could make your purchases of fuel and groceries more cash-efficient.
Car care
Service your car regularly, use the appropriate engine oil, and check that the wheel alignment is within manufacturer specifications. Properly balanced, high-quality tyres will not only last longer and give you a smoother ride, but tyres with correct tyre pressure can drastically improve fuel efficiency. Checking tyre pressures weekly is a simple action, but can significantly improve your fuel spend.
If you have a dispute with a mechanic or other motor industry service provider, and you reach a deadlock, you can reach out to the Motor Industry Ombudsman of South Africa.
“In these tough financial times, and also for environmental reasons, petrol and diesel should be used as efficiently as possible,” says Anthony.
“Planning ahead and making small changes can save money in the long term,” Anthony concludes.
READ: Ways to make your petrol go further
Image courtesy of iStock/ bunyarit