It would seem the three successive drops in petrol prices will be short lived as an increase is looming.

The Department of Energy has announced petrol prices will be increasing on Wednesday, March 4.

The Petrol price will increase by a whooping 96 cents taking the current octane 93 unleaded price from R10.09 to R11.05 and octane 95 unleaded from R10.30 to R11.27.

Diesel price will increase by 74 cents from R9.26 to R10.

The department said that both grades of petrol, wholesale price of diesel and paraffin are set to increase this week.

“The main reason for the fuel price increases is the average increase in the price of crude oil (by about 20%) during the period under review compared to the previous period.

“The other reason is the depreciation of the Rand against the US Dollar,” a statement on the department’s website read.

Illuminating paraffin (SMNRP) will increase by 73.00 cents/litre.

Liquefied Petroleum Gas (LPG) will increase by R1.54/kilogram