The price of both grades of unleaded petrol (93 and 95) will be lowered by R1.78 a litre on Wednesday, while diesel wholesale prices will be cut by between 82c and 85c depending on the sulphur content.

The maximum national retail price of paraffin will fall by R1.30 a litre, but the maximum retail price for LPGAS will be hiked by R1.49 a kilogram.

The average international prices for petrol and diesel decreased during the period under review, the department of mineral resources and energy said in a statement on Monday.

Global crude oil inventories rose because of increased production from non-OPEC producers, while the lifting of sanctions on Venezuela by the US created a "positive outlook" on supply, the department said.

The Israel-Hamas conflict has had a "low impact" on fuel prices so far, "as it has not yet affected flow of crude oil even though it is happening in the oil-rich region of the Middle East," it added.

On Wednesday, Gauteng 95 unleaded petrol will cost R23.90 a litre, the cheapest level since August this year. At the start of the year, a litre 95 unleaded petrol cost R21.40.

The diesel wholesale price in Gauteng will be R24.17 a litre from Wednesday, compared to R21.22 at the start of the year.