Motorists will breathe a sigh of relief come midnight, when the cost of all grades of fuel goes down, slightly relieving the pinch felt after consecutive months of price hikes.

Week three data from the Central Energy Fund predicted a drop between 83 and 90c per litre, but the official announcement by Mineral Resources and Energy Minister Gwede Mantashe has exceeded those predictions in most cases.

Adjustments:

• Petrol 93 and 95 (ULP & LRP): Decrease of 124c/l.
• Diesel (0.05% sulphur): Decrease of 118.54c/l.
• Diesel (0.005% sulphur): Decrease of 108.54c/l.
• Illuminating paraffin (wholesale): Decrease of 80c/l.
• Illuminating paraffin: Decrease of 107c/l.
• LP Gas retail price: Decrease of 135c/kg.

Factors

The statement adds that this month’s price adjustments are influenced by various factors, including the cost of Brent crude oil dropping from $88.10 to $82.98 per barrel.

“The average international product prices decreased following the lower Brent crude oil prices during the period under review.”

Furthermore, the rand appreciated, on average, against the US dollar, which led to lower contributions to the basic fuel prices, the statement reads.