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The Department of Mineral Resources and Energy says Russia’s invasion of Ukraine and the global fallout have led to a surge in crude oil prices amid supply fears.
Spokesperson, Robert Maake says the subsequent sanctions on Russia by the USA and the United Kingdom have also contributed to the increase in crude oil prices.
He says both grades of petrol will increase by R1.46 per litre on Wednesday 2 March.
Diesel will increase by between R1.44 and R1.48 per litre, while illuminating paraffin will see a spike of R1.21 per litre.
LP gas will retail for 70 cents more per kg.
Maake says they've seen very high oil prices during the period under review, mainly due to the situation in Ukraine and also the fact that OPEC and non-OPEC members did not increase production to meet the increase in demand.
"However, on the flip-side, we have noticed that the Rand continued to strengthen against the US dollar and cushioned the fuel prices by around 19 cents per litre", he said.
Meanwhile, Russian missiles hit an oil depot in the Ukrainian city of Vasylkiv on Saturday night, prompting fears of toxic fumes.
The BBC reports that air raid sirens in the capital Kyiv sounded shortly before midnight - warning of incoming missiles.
Residents are taking cover underground, with a curfew in place until Monday morning.
Thousands of people continue to flee Ukraine to neighbouring Poland and Moldova.
Western countries say they will remove some Russian banks from the Swift network, effectively disconnecting them from the international financial system, and also pledged to prevent Russia's central bank from evading sanctions.
The US, Germany and the Netherlands indicated that they would send more weapons to aid Ukraine's war effort.
