The Department of Energy has announced that both grades 93 and 95 of petrol will decrease by R1.84c per litre in Gauteng on Wednesday, 5 December.
Diesel will decrease by between R1.45 and R1.47, while illuminating paraffin will decrease by R1.33c and R1.78c.
This comes after the country saw a record price hike a couple of months ago which saw petrol hitting up to R17.08, while diesel went up to as much as R15.69.
Illuminating paraffin goes down by R1.33c. LP gas goes down by R2.43c.
With South Africans already hit by an increase in the repo rate, VAT and municipal tariffs, this is welcome news.
The Energy Department says the massive decreases are due to the average international product prices for petrol, diesel and illuminating paraffin decreasing during the period under review.
The oil price has plummeted over the past few weeks, now just under $60 a barrel, after hitting $80 several weeks ago.
The rand has also strengthened against the dollar.
Reserve Bank Governor Lesetja Kganyago cautioned last month that inflation was a concern as fuel prices were at record highs.
Economists agree that this will now ease inflationary pressures.