Motorists will see a massive fuel price reduction at the pumps on Wednesday, the Department of Energy has announced.<\/p>\n
The price for both grades – 93 and 95 of petrol – will decrease by R1.84 per litre.<\/p>\n
Diesel will decrease by R1.45 and R1.47, and illuminating paraffin will drop by R1.33.<\/p>\n
The price cuts will come as a relief for consumers after the South African Reserve Bank\u2019s Monetary Policy Committee (MPC) decided to increase the repurchase rate by 25 basis points to 6.75% late last month.<\/p>\n
International oil prices have continued to fall, while the rand made strong gains against the dollar in November.<\/p>\n
Brent crude traded below $60 per barrel, having topped $80 in September.<\/p>\n
Bloomberg reported that the rand’s gain of 8.1% against the dollar in November, was surpassed only by a 9.1% advance in November 1988.<\/p>\n
The local unit has come under renewed pressure in early December however, due to Eskom power cuts.<\/p>\n
| Fuel<\/th>\n | November official<\/th>\n | December official<\/th>\n<\/tr>\n |
|---|---|---|
| 95 Petrol<\/td>\n | R17.08<\/td>\n | R15.24<\/td>\n<\/tr>\n |
| 93 Petrol<\/td>\n | R16.86<\/td>\n | R15.02<\/td>\n<\/tr>\n |
| 0.05% Diesel (wholesale)<\/td>\n | R16.13<\/td>\n | R14.68<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n \n |