Local economists’ projections over the exact amount vary, while the latest update from the Central Energy Fund puts the price of 93 and 95 octane petrol at between 97 cents and 99 cents a litre.

The price of 93 and 95 octane petrol decreased by R1.27 and R1.23 a litre in January, to R11.02 a litre and R11.24 a litre respectively.

The petrol price in Gauteng hit at a record worst level of R14.39 a litre in April 2014.

Economists Dawie Roodt told Jacaranda FM that the country is currently paying too much for a litre of petrol with recovery between 90 cents and R1 per litre, while Mike Schussler also pointed to a cut of approximately R1 in February.

Over recovery as at 22 January 2015:

• Petrol 95 – 97c

• Petrol 93 – 99c

• Diesel 0.05% – 103c

• Diesel 0.005% – 103c

• Illuminating paraffin – 106c

  Oil prices have halved in recent month to below $50 a barrel from more than $100 in mid 2014