From Wednesday, 95-grade unleaded petrol will cost R21.59 per litre in Gauteng and R20.76 in coastal areas
The department of mineral resources says the decrease is the result of lower global crude oil prices and a stronger rand
Higher crude oil prices, US refinery shutdowns, global diesel shortages and a weaker rand among the factors blamed
Borrowers face another 75 basis point repo rate hike this week, as inflation looks to stay uncomfortably high
Critics have said the repo rate hike will jeopardise already sluggish economic growth, but others say the gradual increase will have little effect
The decision to hike the repo rate by 25 basis points comes in the wake of red-hot inflation in advanced economies and fears policymakers will start to dial back on accommodative measures
GDP growth may be encouraging but it doesn’t mean much for SA’s millions of unemployed