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 offers great relief in this challenging economic environment by allowing its members to redeem their Rewards Points at Caltex fuel stations around the country. The programme has enabled members to redeem over R1.2 billion for fuel purchases at Caltex forecourts since its inception in 2013, demonstrating the great value it offers consumers.
Many motorists are currently paying around R1 000 to fill their tanks. What is more, in according with the announcement made on Wednesday, 01 June by the Department of Mineral Resources and Energy, the price of different grades of petrol (93 and 95 unleaded) rose by R2.43 a litre and R2.33 a litre.
Meanwhile, 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 landmark achievement of members redeeming over R1.2 billion in Rewards Points for fuel, has shown consumers how to reduce their fuel expenses,” says Fayelizabeth Foster, Head of Loyalty & 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 forecourts. These Rewards Points can subsequently be redeemed at a Caltex to purchase more 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.
There are currently high volumes of traffic on South African roads since more people have returned to their workplaces, learners are attending school as well as business and leisure activities have picked up since the start of the year. But the cost of fuel, which has soared between January 2021 and May this year, as well as high inflation of about 6%, are 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 R24.17/litre in June, motorists have to pay over 64,5% more (R1 208,50) 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 R1.2 billion back into their pockets.”
Image Courtesy: Supplied