A Review of the Nigerian Energy Industry

South Africa’s FNB assesses fuel hike impact on Easter

Fuel dispencer09 April 2014, Johannesburg – First National Bank (FNB) forecasted positive time for its driving customers ahead of the Easter Weekend despite the incessant fuel price hikes.

The firm said as at March 31, over 200 000 FNB Credit Card customers had an eBucks balance of more than eB6 000, which equates to a tank of petrol for a medium sized car.

This offers a targetable benefit which should come as good news for FNB customers planning their annual Easter weekend festivities following recent increases in the petrol price, according to Johan Maree, CEO of FNB Credit Card.

“We generally see an 8,5 percent increase in the number of petrol and diesel transactions on credit cards over the Easter weekend, however we are yet to see how the current cost of petrol will influence this historical trend,” said Maree.

According to industry views, more consumers are purchasing items such as groceries and utilities with borrowed money.

With the Easter weekend following shortly after the March school holidays, many consumers might have to borrow even further to cover additional expenses.

Maree said making the most of clients’ rewards programs to earn on everyday spend using their credit card and then being able to use their rewards earned to purchase a free tank of petrol could go a long way in the tougher economic times.

“If your rewards balance is still growing and does not yet allow you to cover a big purchase such as a tank of petrol or travelling costs, you can use it to purchase your groceries or to buy electricity – saving a little in one section of your budget can go a long way and could mean the difference between a weekend breakaway and staying at home,” he concluded.


– CajNewsAfrica

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