JOHANNESBURG - Oil prices are falling after the G7 agreed to release 100 million barrels from its oil and diesel reserves.
But the move may come too late to offer motorists any immediate relief, with fuel prices expected to surge to record levels this week.
Petrol is expected to breach the R30-a-litre mark for the first time on Wednesday.
The latest data points to an increase of more than R3 per litre for 95 unleaded petrol.
Low-sulphur diesel is also expected to rise by more than R3 per litre.
If the increases are implemented, the price of 95 petrol will climb well above its previous record of more than R28 a litre, reached in June before prices eased.
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