The price of petrol will drop to below R5 a litre from Wednesday next week, the Department of Minerals and Energy said on Tuesday.
The department said the price of petrol of all grades will decrease by 24c a litre.
That means motorists in Gauteng using 93 octane petrol will pay R4,98 per litre, effective from June 1. The decrease represents a saving of R14,40 on a tank of 60 litres.
Unleaded petrol at the coast will cost R4,87 a litre.
Diesel with a lead content of 0,3% will be 26c per litre cheaper, while motorists using diesel with a lead content of 0,05% will pay 28c per litre less.
The wholesale price for illuminating paraffin will be decreased by 29c per litre, while the single national maximum retail price for illuminating paraffin will cost 38c a litre cheaper.
The weakening rand and Brent crude oil prices decreased tremendously in the review period, prompting the decrease, Malebo Mahape, director of communication for the Department of Minerals and Energy, said.
Brent crude prices were $6 per barrel cheaper than during the previous review period, which ended on April 28.
The international product prices for petrol, diesel and illuminating paraffin also decreased between $8 and $10 per barrel.
High oil prices and a strong rand prompted a 20c per litre increase in fuel prices in April — up 25% since February this year. — Sapa