The fuel prices are set to drop by up to 23 cents a litre at midnight tonight but motorists be warned - the good news will not last for much longer.

The fuel prices are set to drop by up to 23 cents a litre on Wednesday but motorists be warned - the good news will not last for much longer.

In a statement detailing the monthly fuel price changes, the Department of Mineral and Energy Affairs said the price of diesel with a 0,3 per cent sulphur content will fall by 12 cents a litre, while that of diesel containing 0,05 per cent sulphur will drop by 13 cents a litre.

The price of all grades of petrol will fall by 23 cents a litre on Wednesday. However, the department on Monday said a three-cent a litre retail margin for petrol would be implemented from August 4.

Following last week’s record oil prices, motorists should expect the price of fuel to increase in September, even though the average rand/US dollar exchange rate has firmed across the last three fuel review periods.