There will be some relief at the petrol pump for the festive season with both grades of petrol decreasing by 65 cents a litre, while diesel will cost R2.35 per litre less.
Figures released by the Department of Minerals and Energy indicates that illuminating paraffin will also come down by R1.71 a litre.
However, maximum LP Gas will increase by R1.67.
The decrease in the fuel price is attributed to the lower oil price from about 89 dollars a barrel to 82 dollars during the period under review. The price changes will come into effect on midnight on Tuesday next week.
According to the Department of Mineral Resources and Energy increased oil supply from non-OPEC countries such as the US have recorded higher than expected oil production, coupled with uncertainty from the delayed OPEC+ meeting and disagreements regarding production levels and a continued slow global economic growth concerns have attributed to the price declines.
The rand also appreciated against the US dollar during the period under review from R19.16 to R18.55. This led to lower contributions to the Basic Fuel Price of petrol, diesel and illuminating paraffin.
