Following a cut in the repo rate to 7% earlier this week, more relief is on the cards for consumers as the petrol price is set to decrease at midnight tonight.

The Department of Mineral and Petroleum Resources has confirmed that the petrol price will decrease by 28 cents per litre.

Zululand Observer reports there is, however, bad news for diesel and illuminating paraffin users, who are set to pay 65 cents and 32 cents per litre more, respectively.

“The average Brent Crude oil price decreased slightly from 69.36 US Dollars (USD) to 69.06 USD during the period under review.

“The main contributing factor to the lower crude oil price is the decision by Organisation of the Petroleum Exporting Countries to increase production and the uncertainty caused by looming United States (US) trade tariffs, including secondary tariffs, which could affect global economic growth and demand for crude oil,” said Minister Gwede Mantashe.

“The average international petrol prices decreased in line with the decrease in crude oil prices.

“The prices of diesel and paraffin increased due to low stocks in the US, unplanned refinery shutdowns, and closures of refineries in the European Union, which have resulted in tight supply,” said Mantashe.

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