Great news for motorists, from midnight the price of 95 unleaded petrol will come down by 34 cents.

That makes it R14.42 per litre in Gauteng and R13.94 at the coast.

A litre of 93 octane petrol will come down by 29 cents, as announced by the Department of Energy last week.

Petrol still costs a rand more than it did at this time in 2017.

But the cut represents a relief for motorists who endured five consecutive hikes until December.

The price at the pumps is mostly influenced by the global oil price, combined with the level of the rand in the previous month.

The price of international petrol went up in December, but that was counteracted by the rand’s strength against the dollar.

Fuel is imported and usually quoted in dollars.

The currency gained considerably before and after Cyril Ramaphosa was elected the new leader of the African National Congress (ANC), climbing to a two and a half year high or R12.24 to the dollar last week.

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