Festive cheer for motorists as petrol to drop by R1.22 on Wednesday

Festive cheer for motorists as petrol to drop by R1.22 on Wednesday

Festive cheer for motorists as petrol to drop by R1.22 on Wednesday

In a statement, the minister said the fuel price adjustments were due to the contribution of the Rand/US Dollar exchange rate, the prices of crude oil, import prices of Petroleum Products and self-adjusting Slate Levy Mechanism Rules. In New Delhi, petrol was retailing at Rs 69.55/ litre while diesel was at Rs 63.62/ litre.

The cost of fuel will decrease by more than R1 per litre with effect from January 2, due to lower worldwide petroleum prices.

January's petrol-price drop follows December's R1.84-a-litre cut, which took the price down from a peak R16.85 a litre in October and November.

According to the Automobile Association, month-end unaudited fuel price data from the Central Energy Fund is pointing to a petrol price reduction of around R1.00 a litre, with diesel set to fall by R1.30 and illuminating paraffin by R1.22.

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The price of 95 octane petrol will decrease by R1.23 on Wednesday.

"Should this decrease materialise it will amount to a more than R2 decrease in the fuel price since the beginning of December, bringing much-needed relief to consumers battered by considerable increases throughout the year".

The lower oil prices have been largely spurred on by the US which is trending towards becoming a net exporter of oil, says the AA.

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