Fill up your tanks – the petrol price will increase by 42 cents per litre on Wednesday after a period of relatively steady fuel prices.

Fill up your tanks – the petrol price will increase by 42 cents per litre on Wednesday after a period of relatively steady fuel prices.

In a statement, the Department of Mineral and Energy Affairs noted that within the review period the international prices of petrol and diesel, though the rand/US dollar exchange rate had weakened.

With the adjustments, the wholesale price of diesel will be between 33c and 36c a litre. Following the 44c and 2c price reductions in January and February this year, the latest increase will push the prices very close to last year’s November peak.

Hugo Pienaar, economist at NKC Independent Economists attributed the increases to recent oil price hikes, the cold spell in the northern hemisphere and the weak dollar, reported.

Last week, Saudi Arabia, one of the biggest oil producers also announced that the price of Brent crude oil would continue to range between $40 and $50 for the rest of the year.

Although it is not known how the current prices will impact April adjustments, consumers will also be required to pay an extra 10c a litre following the recent budgetary announcement. Of the 10c, 5c/litre will go towards a fuel levy increase and 5c/litre towards the Road Accident Fund.