Picture: THINKSTOCK
Picture: THINKSTOCK

ALL grades of petrol will cost 41c more per litre from next Wednesday, the central energy fund (CEF) announced on Friday.

A litre of petrol 95 ULP octane in Gauteng will now cost R12.27 inland and R11.92 at the coast.

All grades of diesel are set to increase by 17.8c a litre.

The weaker rand, coupled with higher international oil prices, were the main reasons for the large increase in the petrol price.

The average rand/dollar exchange rate weakened compared with the previous price adjustment period, the CEF said.

The average rand/dollar exchange rate for the period December 27 to January 31 was R8.7629, compared with R8.6833 during the previous period.

KADD Capital economist Elize Kruger has warned that further fuel price increases could be on the way in March and April, given that the rand remains weak while oil prices remain elevated.

She noted that Finance Minister Pravin Gordhan was also likely to announce further increases on fuel levies, to be implemented in April, which could put more upward pressure on fuel prices.

The maximum retail price for liquid petroleum gas will increase by 73c/kg.