South Africa petrol prices set to drop on Wednesday

South Africans motorists can now heave a sigh of relief after the energy regulatory body announced the reduction of fuel prices as of Wednesday.

Petrol prices for both 95 and 93 unleaded will decreases by 68 cents and 71 cents per litre.

Diesel will decrease by 67 cents per litre.

Local fuel prices are determined by international oil prices – as well as the dollar-rand value, as South Africa buys oil in the dollar.

While the price of Brent crude steadily rose over the past month, there has been a decline in local oil import prices, subsequently counteracting the weakening rand.