South African motorists will receive significant relief at the fuel pumps from Wednesday after the Department of Mineral and Petroleum Resources announced substantial decreases in the prices of petrol, diesel and illuminating paraffin.
The department confirmed that the price of 93-octane petrol will decrease by R2.01 per litre, while 95-octane petrol will be reduced by R1.96 per litre.
Diesel users will see even greater savings, with the wholesale price of diesel set to decrease by between R3.13 and R3.58 per litre, depending on the grade. The price of illuminating paraffin will fall by R6.97 per litre.
According to the department, the reductions are primarily the result of lower international oil prices, coupled with the relative stability of the rand against the US dollar during the review period.
The fuel price adjustments also form part of government's broader cost-of-living relief measures, which include a reduction in the general fuel levy.
The new fuel prices will take effect from midnight on Wednesday, offering motorists and businesses welcome relief amid ongoing economic pressures.