FUEL PRICES GO UP BY 80C

MBABANE – While consumers are still grappling with the looming15 per cent electricity hike in April, motorists have been hit with a massive hike in fuel prices of 80c/litre.

Through its Principal Secretary Winnie Stewart, the Ministry of Natural Resources and Energy has announced a midnight increase for all fuel products by 80 cents.

According to the notice released by the ministry, it was said it had finalised the assessment on the fuel price situation in the country at the end of January 2017 where all fuel products incurred a deficit.

The increase has been attributed to a cut back on global oil supply, the average Brent crude oil price sold at US$55.53 per barrel in the month of January this year when compared to an average of US$ 52.60 as noted during the month of December 2016. Stewart explained that although the Lilangeni strengthened slightly last month, the cost of crude oil was a deficit in terms of fuel products.

She mentioned though that the ministry had, for several months, cushioned the public from fuel increases when neighbouring countries increased their prices.
The last increase to be effected on fuel products in the country was two years ago, on July 3, 2015.

Stewart revealed that South Africa alone had increased its prices nine times in the period of January 2016 to February 2017.
 “It must be noted that the fuel prices in Swaziland are still below that of our neighbours even with the announced increase,” she said.
The highest fuel price hike was noted in August 2014, where fuel products increased by 90 cents per litre.

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