In a statement, the association said current data predicts a 24 cents a litre drop in the price of petrol, 20 cents for diesel and 21 cents in the case of illuminating paraffin, but added that changes could still take place before month end.
"The Rand started the month relatively strong against the Dollar, but has weakened slightly. Likewise, international petroleum prices started the month soft, sagged further, and have made something of a comeback in the past few days," the statement read.
"Internationally, OPEC seems set to stay the course with its production cuts, and on the local front, ratings agency Moody's is likely to make an announcement on its view of South African sovereign debt, which is anticipated to be negative. These factors could work against the gains in the fuel price seen in the first fortnight of May".
Earlier today the national currency was trading at R13.16 to the US Dollar with Brent Crude Oil at $52.01 a barrel.