Smart Moves for a Secure Future - Ep 1
Smart Moves for a Secure Future is a 4-part mini-series from Old Mutual that empowers South Africans to make informed financial decisions through expert advice on retirement, risk cover, illness protection, and the power of financial planning.
For more info visit: Life's too big to figure out alone - Why financial advice matters - especially now
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TimesLIVE
4 hours ago
- TimesLIVE
Joburg's motorists brace for a tougher month as fuel prices rise
Motorists across Johannesburg woke up to steeper fuel prices on Wednesday, with the department of mineral and petroleum resources confirming a sharp increase in petrol and diesel costs driven by international oil prices and tensions in the Middle East. Many petrol stations were quieter than usual on Wednesday morning, with most motorists coming in having no idea of the petrol price hike. Some drivers who had heard about the increase on Tuesday had filled up before the increase, while others were caught off guard, with many expressing frustration and concern about how the price rise will affect their already tight monthly budgets. Phumzile Chambers, one of the motorists caught off guard, did not know about the price hike until Wednesday morning, though she said you 'should expect anything in South Africa'. 'I was supposed to put in a full tank, now I'm only putting R700. That's already R100 more than last month. But I refuse to leave my car at home. I'll put R200 a day if I have to, but tell [President Cyril] Ramaphosa we are striking,' Chambers told TimesLIVE. Enos Maake, filling up his car at an Astron Energy garage in Johannesburg, said the fuel hike reflects bigger issues with government. Maake said things will only worsen as the petrol hike filters into food costs. 'We were told GNU would make things better, but it's the same story. 'The poor are going to feel it the most,' Maake said. Maake added people might have to ditch their cars and take taxis as fuel prices are high. 'I spend a lot on petrol because I drive a lot, so this month will be worse, that's why I might get a bicycle [or motorbike]. I'll be tired when I get home, less traffic anyway,' he said. Xoliswa Mabala finds taking a taxi cheaper and has parked her car to save up on money as using her own car is expensive. Image: Kabelo Mokoena Inside a taxi, Xoliswa Mabala said she has parked her car at home to save costs. Mabala said the petrol hike will crush South Africans. 'We will have to park our cars and use taxis now. But then taxi prices will also go up. People relying on R350 grants won't cope.' Taxi drivers in Johannesburg, who fill up their tanks daily, have also balked at the hike. 'It will be as if we are working for nothing,' taxi driver, Sibonise Sithole said. Sithole also did not know about the hike, adding he puts in R500 worth of fuel every day and usually keeps his tank full. Uber driver Ndivhuwo Mulaudzi has the same concern as minibus taxi drivers and other motorists. Mulaudzi told TimesLIVE that the price increase will make his life even harder as he is not making a profit as it is. 'Petrol is up and Uber prices are down. There's no profit. We can't sit at home doing nothing, so we just keep working,' said Mulaudzi. Taheera Hamit luckily filled up her car earlier this week. 'There is nothing you can do to prepare. One day it's R22, the next it's R23. This will affect my budget massively as a car owner. You just have to squeeze it in. No more nice things, no more chocolates, the luxuries are gone,' Hamittold TimesLIVE during her lunch break. I The DMRE announced this week that the fuel price hike was based on global and local market conditions, particularly rising Brent Crude oil prices, which jumped from $63.95 to $69.36 a barrel during the review period. Tensions in the Middle East, especially between Iran and Israel, have increased fears of supply disruptions. The international price of petroleum products followed the same upward trend, pushing the basic price of petrol up by as much as 52c per litre. Though the rand appreciated slightly against the US dollar during the period, this wasn't enough to offset the rise. Effective July 2, the fuel price adjustments are as follows: Petrol 93: up by 55c/litre Petrol 95: up by 52c/litre Diesel 0.05%: up by 82c/litre Diesel 0.005%: up by 84c/litre Illuminating paraffin: up by 67c/litre The maximum retail price of liquefied petroleum gas is down by 57c per kg countrywide, except in the Western Cape, where it increased by R1.90/kg due to import costs through Saldanha Bay. With the cost of living already on the rise, many Joburg residents said they will be forced to make tough decisions this month, whether that means cutting luxuries, changing transport methods, or simply walking to work.
TimesLIVE
5 hours ago
- TimesLIVE
Durban has cheapest grocery basket — but families still can't afford to fill it
While many South Africans are grappling with the high cost of food, new data show that food prices in Durban are lower than in most cities in the country. This is according to the latest Household Affordability Index compiled by the Pietermaritzburg Economic Justice and Dignity Group (PMBEJD) which revealed that the coastal city saw a month-on-month decrease of R115.65 in food costs, though prices are still R184.39 higher compared with the same time last year. The index, which tracks the prices of 44 basic food items from 47 supermarkets and 32 butcheries across six cities, found that the national average cost of the household food basket was R5,443.12 in June. Joburg remains one of the more expensive cities for groceries and the average basket cost increased slightly by R38.38 month-on-month, reaching R5,648.85. This was a 2% increase from June 2024. Cape Town saw a slight month-on-month drop of R31.95, bringing the basket to R5,397.23 though this is a sharp 5.8% increase compared with last year. Springbok, which often records the highest food prices, experienced a month-on-month decline of R107.51 but still registered a significant annual increase of R300.47, taking the average basket to R5,772.43. In smaller cities such as Pietermaritzburg, the basket rose to R5,147.25, up R96.45 month-on-month and Mtubatuba's basket increased by R27.59 to R5,427.65.
IOL News
7 hours ago
- IOL News
Green Climate Fund awards R700 million to South Africa for climate disaster resilience
Damages caused by the April 2024 flash flood in Margate on the KZN South Coast. Image: Johan Steyn MILLIONS of vulnerable South Africans stand to benefit after the country secured a multimillion-rand grant for eco-friendly disaster risk management. It comes as the country grapples with changing weather patterns and the effects of climate change, which have caused widespread devastation and loss of life. This week the Green Climate Fund (GCF) approved a grant of just over USD 40 million (around R700 million) during its 42nd Board meeting, currently underway in Port Moresby, Papua New Guinea. The funding will support the South African National Biodiversity Institute's (SANBI) Eco-Disaster Risk Reduction (Eco DRR) project, which will be rolled out over the next eight years. SANBI described the grant as a 'landmark investment' for the implementation of its initiative, officially titled; Scaling up ecosystem-based approaches to managing climate intensified disaster risks in vulnerable regions of South Africa, or simply the Eco DRR project. 'The role of biodiversity in South Africa's response to climate change is at the heart of this project,' said SANBI CEO Shonisani Munzhedzi. 'Healthy ecosystems act as natural buffers against climate extremes, protecting lives, infrastructure, and livelihoods. This project represents a major step forward in climate adaptation financing for South Africa.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Munzhedzi noted that SANBI's accreditation as a Direct Access Entity of the GCF since 2016 has enabled it to unlock international climate finance, while advancing national priorities and building institutional capacity. To date, SANBI and the Development Bank of Southern Africa (DBSA) remain the only South African institutions accredited by the GCF. The organisation said the eight-year project is expected to have a 20-year impact in the communities where it will be implemented. It is projected to directly benefit around 366,000 people and reach over 5.1 million South Africans indirectly—especially those living in areas hardest hit by floods, droughts, and wildfires. Dion George, the Minister of Forestry, Fisheries and the Environment said that, 'The increasing frequency of floods, droughts and wildfires pose a serious threat to South Africa's communities, especially those in rural and peri-urban areas.' "This investment will support our efforts to strengthen ecological infrastructure, reduce disaster risk, and build adaptive capacity where it is needed most.'' George said the GCF's approval was a 'monumental achievement for South Africa and a testament to SANBI's expertise as a Direct Access Entity to the GCF.' 'The Eco DRR project will empower millions of our citizens, ensuring that we build a resilient future where nature and communities thrive together,' he said. He added that by harnessing the power of ecosystems, the project would not only help reduce disaster risks but also promote inclusive growth and environmental stewardship. 'It is a beacon of hope for a greener, stronger South Africa,' he said.
