UPDATE 1-S.Africa petrol price to fall, relief for consumers

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JOHANNESBURG, Aug 1 (Reuters) - South African petrol pump prices will fall next week for the first time this year, the government said on Friday, offering a reprieve for consumers struggling under higher interest rates.

The minerals and energy department said petrol prices would fall by up to 30 cents, or 2.8 percent, to 10.40 rand ($1.42) a litre for the 95 grade in the main commercial hub of Gauteng province from Aug. 6.

The wholesale price of diesel would also decline by up to 17 cents a litre to 11.27 rand, while illuminating paraffin -- largely used for heating and cooking by South Africa's poor, would increase by 4 cents a litre.

"During the period under review (June 27 to July 30), the average international product prices of petrol decreased, whilst diesel and illuminating paraffin increased," the department said in a statement.

"The average rand/dollar exchange rate strengthened when compared to the previous period."

South Africa adjusts its fuel prices every month according to changes in the value of the currency, oil prices and government levies.

The decline is also good news for inflation, following increases of more than 40 percent for petrol and almost 60 percent for diesel so far this year.

Increasing fuel and food prices have been the main drivers of consumer inflation in South Africa, pushing the targeted CPIX gauge to a record 11.6 percent year-on-year in June.