Fuel prices are set to jump significantly on Wednesday 3 February on the back of increases in average international product prices for petrol, diesel and illuminating paraffin.

Both grades of petrol – 93 and 95 (or unleaded and lead replacement) – are set to increase by 81 cents per litre, while diesel 0.05% sulphur will increase by 58 cents per litre. Diesel 0.005% sulphur will increase by slightly more at 59 cents per litre.

This is in line with the Automobile Association’s projection earlier in the month, which estimated that petrol would rise by up to 82 cents per litre, diesel by 59 cents per litre, and illuminating paraffin by 60 cents.

Illuminating paraffin will increase by 78 cents per litre at the single national maximum retail price, while LP gas will jump R1.93 per kilogram, with a maximum refinery gate price of R10 725.24 per metric ton.

The Central Energy Fund said the rand had depreciated against the US dollar, leading to a higher contribution to the basic fuel price on petrol, diesel and illuminating paraffin.