Petrol price drops at midnight

A motorist holds a fuel pump at a Gulf petrol station in London in this April 18, 2006 file photo. Oil dropped nearly 2 percent on March 20, 2012 as Saudi Arabia sought to knock back crude's price rise that has threatened the global economy, with the oil minister offering the most detailed argument to date that the OPEC nation was prepared to meet any supply shortfall. REUTERS/Luke MacGregor/Files (BRITAIN - Tags: BUSINESS ENERGY COMMODITIES)

A motorist holds a fuel pump at a Gulf petrol station in London in this April 18, 2006 file photo. Oil dropped nearly 2 percent on March 20, 2012 as Saudi Arabia sought to knock back crude's price rise that has threatened the global economy, with the oil minister offering the most detailed argument to date that the OPEC nation was prepared to meet any supply shortfall. REUTERS/Luke MacGregor/Files (BRITAIN - Tags: BUSINESS ENERGY COMMODITIES)

Published Aug 4, 2015

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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.

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