A needed respite could be seen for cash strapped South Africans as the price of petrol is set to drop by as much as 69 cents this week, according to the Department of Energy.
The decrease is set against a minor strengthening of the Rand against the US Dollar, but is largely due to the decrease of petroleum prices in international markets.
“Consumers will now pay around R12.86 a litre as of Wednesday July 5th”, reads the statement by the Department of Energy.
This is the second consecutive month which has seen a decrease in petrol prices and additionally in the prices of Diesel and Illuminating Paraffin which will decrease by 60 and 57 cents respectively.
“Oil prices have reached their lowest point for the year as light sweet crude supplies particularly from the United States as well as Libya and Nigeria (unbound by the Organisation of Petroleum Exporting Countries (OPEC) cut agreement) continue to rise”, explained further the department.
Internationally, the decrease of Brent Crude oil has been the lowest in 7 months due to an increase in key-suppliers since September 2016.