The Department of Energy announced the inland price of 95 octane petrol will fall by 8 cents. While the wholesale price of diesel will go down by 2 cents per litre.

The wholesale price of illuminating paraffin will decrease by 8 cents.

CLICK BELOW to read about how you can get cash back when you fill up with fuel.

The main reason for the drop in prices is because of a stronger rand against the US dollar. In fact, the last time the Rand/US Dollar traded at R12.95, was over a year and a half ago on 20 August 2015.

Robert Maake, spokesperson for the Energy Department, said the stronger Rand, “cushioned the [fuel] prices by about 13 cents a litre”.

While any drop in fuel is welcomed, a looming increase in levies, such as the fuel levy (30 cents per litre) and the Road Accident Fund levy (9 cents) means motorists will have to face the good with the bad in the coming months.

CLICK BELOW to read the full summary of the annual South African budget speech 2017.

Fuel Prices For February And March 2017

How To Save On Fuel

With the constant fluctuation of the fuel price, we are all looking at ways to save on fuel. Ryan Ravens, CEO of Accelerate CT spoke on  yesterday morning about alleviating traffic congestion in the morning, as well as reducing pollution by participating in a carpooling group.

“80% of cars coming into Cape Town are single occupant vehicles, and half of the people coming into the City are using private cars. If the App gets two people per car, we will halve the number of people coming into the City.”

UGoMyWay App

Accelerate CT tested a few carpooling apps and found that UGoMyWay, in their opinion, worked the best.

The app is free to download on IOS and Android.

The payment method, which can either be daily, weekly, or monthly, is incorporated into the app.

Ravens says people will save on fuel costs by using this app. It is helpful for students travelling to school and university, as well as office-bound people.

“If you are the only person in your car, you are the one at fault,” said Ravens.

CLICK BELOW to have our independent broker compare car insurance quotes across a variety of trusted providers and stand to save up to 30% on your monthly premium!

The post Pay Less For Fuel In March appeared first on Insurance Quotes 24.

This comes into full effect from February, if approved by the National Treasury. In addition to this, from January 1, 2018, the government will be implementing level six water restrictions.

So what will this drought levy mean for you? We find out…

With everything going up, why don’t you pay LESS for car insurance?

What Is A Drought Levy? 

The City is currently facing a serious problem with the possibility of Day Zero being imminent. Businesses and residents have been rationed to a quota of water per month.

Since the implementation of Level 5 water restrictions, the City’s water consumption has decreased, however not enough.

This has called for the possible implementation of a drought levy. According to Mayoral Committee Member for Finance, Cllr Johan van der Merwe, the City isn’t making enough money. The money that the City normally gets for water usage has declined- this decreasing the City’s income to finance infrastructure.

“This is income we need to fund projects to make additional water available, and to carry out maintenance on our infrastructure. Please remember that the cost of maintaining infrastructure to supply water remains the same no matter how much water is consumed. As such the City is introducing a drought charge to make up the revenue shortfall during these unusual times.”

How Does The Drought Levy Work? 

The levy is currently in the process of being approved, however once the Minister of Finance and Council approves it, it will come into effect from February 1.

The levy is expected to remain in place until 2021 in order to assist the funding of new water projects.

The City is expecting to raise R1 billion per year in funds for their projects through drought levies. Each home owner will be expected to pay a levy each month that is dependent on their property value.

“The drought charge is based on property value and is estimated at about 10% of the current municipal rates portion of residents’ municipal accounts. Residential properties valued under R400 000 and commercial properties valued under R50 000 will be exempt from the charge. All other property owners will be expected to pay the charge,” explains Van Der Merwe.

This levy will be included in the monthly rate accounts of residents and depending on the owner, if the place is rented, the tenant may be required to pay.

How Much Is It?

This table shows the expected maximum charge against the valuation reflected. These are not bands of charges, but indicative examples.

According to Van Der Merwe, the City will keep their financial reports open and available for public scrutiny. This is to ensure that citizens know where their drought levies are going to.

What Does Level 6 Restrictions Entail?

The City has announced that Level 6 water restrictions will be implemented from January 1, 2018. This means that households using more than 10 500 litres per month could face fines. Water restriction metres will also be installed in households that exceed the limit.

Non-residential properties are expected to reduce their water consumption by 45% compared to the corresponding period in 2015. While agricultural users are required to reduce water consumption by 60%.

The City has discouraged residents from using borehole water for outdoor purposes. This ensures that these resources are conserved.

*For more information on Level 6 water restrictions and drought levies, click here.

The post Government Set To Drain More Money For Drought Levies appeared first on Insurance Quotes 24.