With the petrol price on Wednesday dropping slightly, motorists can on Wednesday breathe a sigh of relief.
In line with the provisions of the Medium-Term Budget Policy Statement (MTBPS) tabled last month in Parliament by Finance Minister Enoch Godongwana:
The regulated pump price of petrol (93 and 95 unleaded) will drop by about 1 cent to 50 cents per litre - depending on the grade and regional adjustments.
The wholesale diesel price will drop significantly by up to R1.20 to R1.68 per litre - varying by grade, like 500ppm (parts per million of sulphur content) and 50ppm.
The government is cutting the general fuel levy by R1.50 per litre for petrol and R3.00 per litre for diesel.
From 2 December to 5 January 2027, the levy relief will adjust to R1.00 per litre for petrol and R1.50 per litre for diesel.
Global oil price spikes and exchange rate pressures earlier in the month were largely neutralised by the state's temporary R10 billion tax-relief intervention, rather than a massive collapse in international oil costs.