The South African Energy Department announced that the retail price of petrol and the wholesale price of diesel in South Africa will fall starting June 7, Reuters stated.
The Energy Department revealed in the statement that the price of 95 octane petrol will fall by 1.8% to $1.06 per liter in the commercial hub of Gauteng province, while diesel will go down by 1.
South African Chamber of Commerce and Industry CEO, Alan Mukoki said that in May there was a negative impact towards businesses as petrol prices increased, SABC News informed.
Economists warned that the prior increase in the price of petrol was going to put distressed consumers under renewed pressure.
According to the statement, the main reasons for the fuel prices adjustments is due to the strengthening of the Rand against the US dollar and the average decrease in the prices of petroleum products in the international markets in line with the lower crude oil prices.