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FUEL PRICES UP

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MBABANE – Motorists should brace themselves for another fuel hike.


The Ministry of Natural Resources and Energy, through its Principal Secretary Winnie Stewart, announced a fuel hike of 50 cents which will see petrol costing E13.30. Stewart said the increase would be effective as of today (midnight).


She said this through a press release sent yesterday.
Stewart explained that the fuel increase emanated from the weakened Lilangeni/US Dollar exchange rate, which outweighed the effects of the international oil price.


Responding to a questionnaire sent to her on Wednesday about the possibility of a fuel hike in the country following one in South Africa, Stewart said the exchange rate, as well as international crude oil prices, were important factors in determining fuel costs.


She said the kingdom used a fuel pricing model similar to all the Southern African Customs Union (SACU) countries. She explained that this was the Basic Fuel Price (BFP) and was based on import parity which used international oil market refinery benchmarks.


South Africa publication, ENCA quoted Inkatha Freedom Party (IFP) Member of Parliament Mkhuleko Hlengwa to have said there was a need for their government to freeze the ever increasing price of fuel. Hlengwa was also quoted stating that there was a need for a Parliamentary debate on fuel hike as it was becoming unbearable to consumers.

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