Oil prices have started to decline after G7 countries agreed to release 100 million barrels from their oil and diesel reserves.
However, the move may come too late to provide immediate relief to South African motorists, with fuel prices expected to reach record levels this week.
The latest fuel price data indicates that the cost of 95 unleaded petrol could increase by more than R3 per litre when the new prices take effect on Wednesday.
This would push the price of petrol above the R30-a-litre mark for the first time.
Diesel prices are also expected to rise sharply, with low-sulphur diesel projected to increase by more than R3 per litre.
If implemented, the increases would push 95 petrol well above its previous record of more than R28 a litre, which was reached in June before fuel prices began to ease.
While the G7's decision to release oil reserves has contributed to a decline in international oil prices, motorists may have to wait before any potential reduction filters through to local pump prices.