News24 | Confirmed: Petrol, diesel prices to be lowered on Wednesday

The average Brent crude oil price declined from $71.04 to $66.40 over the month.(Coffeekai/ Getty Images)

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Diesel and petrol prices will be lowered on Wednesday thanks to oil price weakness.

Petrol (93 and 95 unleaded) will be cut by 22c a litre, while diesel wholesale prices will be lowered by 41c to 42c a litre, depending on the sulphur content.

The wholesale prices of illuminating paraffin will fall by 31c, while the maximum LPGas retail price will increase by 46c/kg.

The average Brent crude oil price declined from $71.04 to $66.40 over the month.

"(This was due to) the tariff and trade war initiated by the US which has raised global economic recession concerns and a possible lower demand for crude oil," the DMRE said in a statement.

Oil prices are under pressure as the risk of global recessions will weigh on fuel demand, while a shock OPEC+ decision to raise production has triggered sharp falls.

READ | In a stunning move, Saudi Arabia and Russia are now pushing oil prices lower 

The oil price weakness helped to neutralise an initial blowout in the rand-dollar rate, which almost reached R19.90 earlier this month amid shock over new US tariffs and fears that the DA will leave the business-friendly government of national unity.  

But the rand has since recouped its losses, and is currently trading at R18.41/$, from R18.87 a month ago.

From Wednesday, the price of 95 unleaded petrol will be R21.40 a litre in Gauteng – compared to R25.49 a year before.

The Gauteng wholesale price will be lowered to R18.90 a litre, from R20.96 a year ago.