{"id":4952,"date":"2022-04-20T12:20:36","date_gmt":"2022-04-20T12:20:36","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans"},"modified":"2022-04-20T17:58:41","modified_gmt":"2022-04-20T17:58:41","slug":"increasing-appetite-for-vehicle-loans","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans","title":{"rendered":"INCREASING APPETITE FOR VEHICLE LOANS"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>It seems the increase in commodity prices, especially fuel, is doing little to kill the hunger for vehicle loans.<\/b><\/p>\n

Fuel prices have been on a steady rise since late last year and a litre of diesel and petrol is now costing nearly E20. They are at E19.60 and E19.05 per litre, in that order, following the April 7, 2022 latest increase. Despite the unwanted trends on the fuel prices, comparisons done by this publication for a three-month period based on figures sourced from the Central Bank of Eswatini (CBE), show an increasing appetite for vehicle finance.<\/p>\n

Review<\/b><\/p>\n

The period under review is from December in the past year to February this year. In December last year, the motor vehicle loans are said to have grown by 0.1 per cent to E904.9 million. \u201cNotwithstanding that December is a festive season month consumptive borrowing by households declined as other (unsecured) personal loans depicted a decline of 0.2 per cent month-on-month to settle at E2.9 billion at the end of December 2021,\u201d highlighted the report. In January, the improvement in credit extension to households was observed in motor vehicle loans which rose by 2.3 per cent to E925.4 million. The following month (February), growth in credit to households was also witnessed in motor vehicle loans which rose by 1.1 per cent to E935.5 million. In essence, credit for vehicles has increased by up to 3.27 per cent between December 2021 and February this year. Analysts, on the other hand, say the rising fuel may have a negative effect in vehicle sales in the long-run, thereby affecting car dealerships.<\/p>\n

Start<\/b><\/p>\n

In neighbouring South Africa, for instance, vehicle sales are said to have kicked off to a good start in January, but rising fuel prices, along with a host of challenges outside the auto industry\u2019s control, may dampen sales later this year. New vehicle sales data for February 2022 shows that the vehicle market in South Africa continued to gain traction. Aggregate domestic new vehicle sales in February this year at 44 229 units, reflected an increase of 6 860 units or 18.4 per cent from the same period a year ago. It could not be immediately ascertained how the vehicle market in Eswatini, especially the sale of the affordable imports, was performing following the rapid rise in the fuel prices.<\/p>\n

Meanwhile, Abutalib Bukhari, who is President of Pakistan Southern Africa Trade Federation said: \u201cThe already devastated industry is suffering more due to the fuel price hike. People are already facing various challenges in purchasing a vehicle due to hefty prices then maintaining these vehicles is another task. \u201cSo most aspirant buyers are becoming unable to purchase a car because fuel is something you need to deal with every day.\u201d The main driver behind the fuel increases is the movement in international oil prices which have soared to record levels in recent weeks because of the conflict in Ukraine and concerns over Russian oil supplies.<\/p>\n

Producer<\/b><\/p>\n

Russia is the third top producer of crude oil and supply worries are seen in increased oil prices. Based on the current data, the increase to oil prices is said to contributing 98 per cent to the predicted price hikes. Record fuel prices are being seen around the world as the high oil prices exact their toll in every market. Locally, there is little to cushion the blow for thousands of emaSwati who are struggling to cope with a fragile economy which is hurting their personal financial situation. \u201cConsumers should brace themselves and prepare for what is likely to be a long winter if the conflict in Ukraine is drawn out,\u201d warned an expert.<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. It seems the increase in commodity prices, especially fuel, is doing little to kill the hunger for vehicle loans. Fuel prices have been on a steady rise since late last year and a litre of diesel and petrol is now costing nearly E20. They are at E19.60 and E19.05 per litre, in […]<\/p>\n","protected":false},"author":84,"featured_media":4951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,248,249],"class_list":["post-4952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"\nINCREASING APPETITE FOR VEHICLE LOANS - Eswatini<\/title>\n<meta name=\"description\" content=\"It seems the increase in commodity prices, especially fuel, is doing little to kill the hunger for vehicle loans. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"INCREASING APPETITE FOR VEHICLE LOANS\" \/>\n<meta property=\"og:description\" content=\"It seems the increase in commodity prices, especially fuel, is doing little to kill the hunger for vehicle loans. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-20T12:20:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-20T17:58:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2022\/04\/img-626049b117169.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1477\" \/>\n\t<meta property=\"og:image:height\" content=\"983\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"INCREASING APPETITE FOR VEHICLE LOANS\",\"datePublished\":\"2022-04-20T12:20:36+00:00\",\"dateModified\":\"2022-04-20T17:58:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans\"},\"wordCount\":607,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2022\/04\/img-626049b117169.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eswatini\",\"Eswatini\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/increasing-appetite-for-vehicle-loans\",\"name\":\"INCREASING APPETITE FOR VEHICLE LOANS - 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