South African petrol pump prices in the main inland commercial region will increase by 43 cents a litre, or 4.8 percent, from March 2, the government said on Friday.

The energy department said in a statement that the pump price for 95 grade petrol would rise to 9.42 rand a litre in that region from 8.99 rand.

The wholesale diesel price in the region will also increase, by 7.9 percent to 8.78 rand.

South Africa is a net importer of oil and adjusts its fuel price each month to account for changes in the rand exchange rate, the international oil price and government levies.

Global oil prices spiked to a 2-1/2 year peak of nearly $120 a barrel on Thursday, stoked by concern that the wave of unrest gripping Libya could spread to big oil producing countries in the Middle East.