The price of petrol will drop by 30 cents a litre in February.
The Department of Energy said on Sunday that diesel will drop by 17 cents a litre and paraffin by 19 cents a litre.
The Department said that the main reason for the fuel price adjustment was the Rand strengthening against the US dollar during the period under review.
“The Rand appreciated, on average, against the US Dollar (from 13.23 to 12.20 Rand per USD) during the period under review,” the Department said.
“This led to a lower contribution to the Basic Fuels Price (i.e. the import parity price) on petrol, diesel and illuminating paraffin by 52.85c/l, 54.66c/l and 54.88c/l respectively,” it said.
The Department of Energy said that the average Brent Crude oil price increased from 64.08USD to 69.11 USD per barrel during the period under review.
“The Crude Oil prices reached a three-year high of $70/bbl several times during January. The comments from OPEC Ministers, including Iran, that they would prefer prices nearer to $60/bbl in order to prevent US exports flooding their core markets, suggest that a change in emphasis may be coming and that prices may retreat in the near future.”
The Department of Energy said that fuel prices schedule for the different zones will be published on Tuesday, 06 February 2018.
