The petrol price will increase by 96c on Wednesday

As of 4 March, petrol will cost 96 cents more and diesel will cost 74 cents more per litre.

FILE: The petrol price is going up for the first time in seven months. Picture: EWN.

JOHANNESBURG - The price of petrol will increase by 96 cents a litre from Wednesday 4 March, the Energy Department announced on Friday night.

The price of diesel will rise by 74 cents per litre, while illuminating paraffin will cost 73 cents more per litre.

Liquefied petroleum gas, will in the meantime increase by 154,0 cents per kilogram.

This is the first increase in fuel prices in seven months.

The department on Friday said the main reason for the fuel price increases was the average increase in the price of crude oil, about 20 percent, during the period under review compared to the previous period. The other reason is the depreciation of the Rand against the US Dollar.

However, the slate levy on petrol and diesel remain unchanged at zero cents per litre, due to positive cumulative over-recoveries on these products.

The department said they believed that the price of crude oil would stabilise around the current level and as such no major price shocks are expected in the future.

The fuel and Road Accident Fund Levies which were announced by the Minister of Finance during his Budget Speech earlier this week would be implemented on 1 April 2015.