The petrol price will decrease by 69 cents a litre, while diesel will cost 53 cents less.
Experts are predicting a positive knock-on effect on the South African economy.
All grades of petrol will drop by 69 cents a litre, the department confirmed today.
The AA says a drop in international fuel prices & the rand/dollar exchange rate could lead to the decrease.
As of Wednesday the diesel price will go down between 60 and 61 cents a litre.
Economist Dawie Roodt says cheaper oil doesn’t necessarily mean a cheaper petrol price.