Johannesburg – Motorists can now enjoy some extra cash in their pockets thanks to the drop in petrol price which will be effective from midnight.
The Department of Energy announced that all grades of petrol would cost 51 cents less a litre, while consumers would have to fork out just 75 cents less for a litre of diesel.
There is also a significant decline in the price of sulphur, liquefied petroleum gas and illuminating paraffin, which will drop by 73.82c, 93c and 70c respectively per litre.
The department attributes the drop in petrol price to the weakening rand against the US dollar as well as the average international product prices of petrol, diesel and illuminating paraffin decreased during the period under review.
Motorists have taken to social media to welcome the drop in petrol price, which will bring much financial relief to consumers.
“News petrol price dropping got me on some happy tip,” tweeted @JabuX515. @Phaks1987 said the drop in the price of petrol would result in food prices decreasing.
Debt Rescue chief executive Neil Roets warned that although the petrol price drop would “substantially benefit deeply indebted consumers”, the relief was temporary.
He warned consumers against using the extra cash to splurge.