CHRISTMAS may be over but there is some belated festive cheer as the petrol price is set to drop by R1.27 (93 octane) and R1.23 (95 octane) a litre on Wednesday.

The price of diesel will also decrease by R1.05 per litre, while the price of illuminating paraffin would decrease by R1.44 per litre.

The fuel price decrease is due to the continued drop in the price of crude oil which led to a decrease in the prices of petroleum products (petrol, diesel, Illuminating Paraffin and Liquefied Petroleum Gas) in the international markets.

Minister of Energy, Tina Joematt-Pettersson, said the decrease in the fuel prices would be a big relief to motorists and users of LPG and paraffin, in particular the low-income households.