Photo by: Reuters
On Wednesday, unleaded petrol (both 93 and 95) will be hiked by 37c a litre, while diesel will increase by 72c a litre.
The latest hikes will bring the price of 95 unleaded petrol to R22.83 a litre in Gauteng, compared to R25.42 a year ago.
The wholesale price of diesel will now be R20.21 a litre, compared to R24.52 in August last year.
Local fuel prices are determined by the oil price and the rand/dollar exchange rate, as oil is priced in dollar.
While the rand firmed over the past month, the Department of Mineral Resources and Energy said that the hikes were due in part to an increase in the Brent oil price from $75.10 to $79.75 a barrel. This was oil demand increased from China and India. Saudi Arabia also continued to cut its production.
"Most analysts expect the supply constraints to push the price higher in the next few weeks," the department said.
Illuminating paraffin will be increased by 71.00 c a litre on Wednesday.