Crude oil prices are plummeting raising hopes of a significant fuel price drop.

Oil prices have decreased by 4%. This is the highest drop since January this year, on fears of slow global growth and escalating trade conflict between the US and China.

The drop in crude oil prices, spells good news for local motorists.

Motorists have experiencing petrol increases since the beginning of the year totaling nearly R2.

According to the Central Energy Fund, if the oil price stays this low, the price of petrol could drop by an estimated R1 per litre come July.

The price of diesel could decrease by over 70 cents a litre.