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FUEL PRICE SHOCKER!

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MBABANE – As you plan your festive vacations, have in mind that fuel prices have increased.


The Ministry of Natural Resources and Energy, through Principal Secretary Winnie Stewart, issued a press release stating that fuel prices have increased effective from midnight today.

The increase saw the country having its second highest fuel products increase this year as a litre hiked by 70 cents. In October, the price of fuel products increased by 30 cents while in February it had increased by 80 cents.


This will see motorists using the unleaded petrol (ULP 95) paying E12.80 per litre, while those using lead replacement petrol (LRP 95) parting with E12.85 per litre. Diesel users will not be spared as they will also have to fork out E12.70 and E12.75 for diesel 500ppm sulphur (0.005%S) and diesel 50ppm sulphur (0.005%S), respectively.


In the press release, Stewart attributed the fuel price increase to higher crude oil prices which increased to an average of E856.80 (US$63) per barrel last month. In October, a barrel cost about E775.20 (US$57).


“The combined effect of the higher crude oil prices and the weaker Lilangeni/Dollar exchange rate led to under-recoveries (deficit) in the fuel prices, necessitating a fuel price increase,” Stewart said. The price of illuminating paraffin also hiked to E8.95/litre.
 Stewart urged the public to use fuel in a very efficient manner as the international oil markets remain volatile.

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