South African motorists can look forward to some relief at the pumps from tomorrow.
According to the latest Central Energy Fund figures, petrol prices could drop by between 50 and 93 cents per litre.
And Diesel could see an even bigger cut, with prices projected to decrease by between R1.58 and R1.68 per litre.
The drops come after Finance Minister Enoch Godongwana last month announced temporary cuts to the General Fuel Levy. And after many motorists were shocked by the steep fue increases in November, which saw petrol hike by up to R3.33 per litre, and R3.24 for diesel.
These numbers are just estimates, and the final price will be announced by the Department of Mineral and Petroleum Resources this week.
The Medium-Term Budget Policy Statement
Finance Minister Enoch Godongwana announced a R10 billion temporary fuel levy relief – which is set to last until January next year.
The petrol levy will be reduced by R1.50 per litre, and the diesel levy by R3 per litre from November 4 until December 1.
After December 2, the relief will be scaled back until January 5, after which the relief is scheduled to end. It will drop to R1 per litre for petrol and R1.50 per litre for diesel.
Godongwana says the temporary reduction will help cushion households and businesses against rising costs.
However, these reductions do not mean fuel prices will fall dramatically, as international oil prices and the performance of the Rand heavily influence what motorists actually pay.
Godongwana also said that it is a coincidence tha the fuel levy reductions comes into effect on the day of the local government elections.