Motorist should brace for another fuel hike this Wednesday. The Department of Mineral Resources and Energy (DMRE) announced the adjustment of fuel prices based on current local and international factors today.

The department confirmed in a statement earlier today that the price of both grades of petrol will go up by R1.21 per litre, diesel will increase by between R1.06 and R1.19 from midnight on Wednesday as the Rand continues to weaken against the US dollar and the price of crude oil continues to soar. This means inland, a litre of 95 unleaded petrol will cost R24.45 while the same grade will cost R23.73 at the coast. 93 Unleaded will rise to R24.13. With the new increase, another 64c will be added on every litre of paraffin.

According to DMRE, South Africa's fuel prices are adjusted monthly, informed by international and local factors. "International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs like shipping costs. The higher oil price is be attributed to the continued oil production cuts and the extremely cold weather which affected production from North America and the continued tension in the Red Sea which added to the geopolitical risk premium on the shipping costs," the department said in a statement.