February may bring a large hike in the petrol price, the latest information from the Central Energy Fund shows.

With two weeks to go before the prices are fixed, the fund's data shows that 95 unleaded petrol could be increased by more than R1.20 a litre in February, while diesel may be hiked by 38c.

The fuel prices are usually adjusted on the first Wednesday of a month and primarily determined by the price of oil and the rand-dollar exchange rate.

While Brent crude oil is roughly the same level as a month ago - currently around $85 a barrel - oil prices have been volatile over the past month. Prices received support from expectations that the end of Chinese lockdowns will boost demand and Russia's announcement that it will cut output, but uncertainty about a global recession weighed on sentiment.

The rand has taken a big hit over recent weeks, falling from around R17/$ to trading at R18 in recent days. Expectations that the US may still hike interest rates by a large margin and concern about the impact of load shedding fuelled a rand sell-off.

Gauteng petrol rose to R21.68 a litre at the start of February, from R20.14 a year ago. Petrol peaked at R26.74 in July last year. Gauteng diesel climbed to around R21.32 a litre, from R18.04 in February 2022. Diesel was close to R25.50 in November last year.

Minister of Finance Enoch Godongwana may adjust the general fuel levy, and the Road Accident Fund levy in his Budget Speech in Parliament next week, which could take effect in April.