Petrol will increase by 49c a litre with diesel increasing by between 46c and 49c a litre.
Paraffin will cost between 42c and 56c more a litre.
Neil Roets, CEO of debt management company Debt Rescue, says the price increases will have a ripple effect on other goods such as food.
“People must understand that petrol price increases don’t just affect motorists directly, but will in turn affect more important goods such as food. This will in turn hit the poorest of poor,” Roets said.
Roets says it’s unfortunate for consumers that when the price of petrol drops, there’s no knock-on effect in terms of the prices of goods and services.
The combination of electricity price hikes, fuel price hikes and the inevitable rate hike by the South African Reserve Bank will leave consumers in a slump, experts warn.
The new petrol price hike is due to come into effect at midnight on Wednesday.