Cash strapped consumers will breathe a sigh of relief as both grades of petrol are set to come down by 13 cents a litre on Wednesday.
This as the Department of Mineral Resources and Energy announced a 13 cents drop in the price of 93 (ULP and LRP) and 95 (ULP and LRP) respectively.
The price of diesel (0.05% Sulphur) will come down by 16 cents while that of diesel (0.005% Sulphur) will decrease by 14 cents a litre.
The price adjustments will see a litre of 95 in Gauteng, which currently costs R16.21 a litre come down to R16.08 a litre.
The price of illuminating paraffin (wholesale) will decrease by 23 cents per litre, while that of illuminating paraffin (SMNRP) will come down by 31 cents a litre.
The Maximum Retail Price for LPGAS will decrease by 30 cents per kilogram.
The department said average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review.
“The Rand appreciated on average against the US Dollar during October month. However, the average Rand / US Dollar exchange rate for October (14.93 R/USD) was higher than that of September (14.84 R/USD) 2019.”
“This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by more than four cents per litre (4.00 c/l),” it said.
At the end of October, the Automobile Association (AA) predicted a petrol price drop in October.
"The Rand has pulled back from its high point at the start of October. This ongoing decline in the average exchange rate has meant that most of its losses have been clawed back, and it will have only a modest impact on the fuel price," said the AA at the time.
In October the price of petrol rose by between 18 and 4 cents a litre while in September both grades of petrol rose by 11 cents. - SAnews.gov.za