Motorists can expect to pay 30 cents less for petrol, while diesel will be 17 cents cheaper per litre, at the pumps from Wednesday.
Illuminating paraffin is also down by 19 cents, while LP gas will trade at 23 cents less per kilogram, Department of Energy announced on Sunday.
The latest announcement will come as a relief for motorists following numerous petrol price hikes in the past few months.
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors.
International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including shipping costs.
The main reason for the fuel price adjustments, according to the Department of Energy, is the contribution of the Rand/US Dollar exchange rate.
The Rand appreciated, on average, against the US Dollar (from 13.23 to 12.20 Rand per USD) during the period under review.
“This led to a lower contribution to the Basic Fuels Price on petrol, diesel and illuminating paraffin by 52.85c/l, 54.66c/l and 54.88c/l respectively,” the department said.
The decrease was also contributed to the increase in the prices of crude oil which increased from 64.08USD to 69.11 USD per barrel during the period under review.
The Crude Oil prices reached a three-year high of $70/bbl several times during January.