Petrol prices will jump on Wednesday amid a supply crunch worldwide, the Department of Mineral Resources and Energy announced on Monday night.

The price of both 95 and 93 unleaded petrol will be hiked by R1.27 a litre, while diesel will go up by between 30c and 32c.

Illuminating paraffin will increase by 13c a litre, while the maximum retail price for LP gas will be hiked by R5.22 a kilogram. 

In Gauteng, the price of a litre of 95 unleaded petrol will increase to R22.95, while it will increase to R22.30 on the coast. This is still lower than December's price of R23.45 in Gauteng. A year ago, 95 petrol retailed for R21.60 in Gauteng.

The Gauteng diesel price will reach R21.62 on Wednesday, from R18.87 a year ago.

Fuel prices are largely determined by the oil price, as well as the rand - as oil is priced in dollar.

The rand took a big hit in February, as the dollar rallied due to expectations that US interest rates will still be hiked by large margins. The local currency weakened from R17.04/$ at the start of the month to R18.40 on Monday.

The average Brent crude oil price decreased slightly, from $83 per barrel to $82.14.

Petrol prices are increasing at a higher rate than diesel because of lower inventory levels globally and closures of refineries in some countries for seasonal maintenance, the department said in a statement. The impact of the EU sanctions on diesel imports from Russia was already priced in, it added.