Home | News | STEEP FUEL PRICE INCREASE TONIGHT

STEEP FUEL PRICE INCREASE TONIGHT

Font size: Decrease font Enlarge font

MBABANE – Motorists must once again brace themselves for another steep fuel price increase at midnight today.

According to the Ministry of Natural Resources and Energy Principal Secretary, Dorcas Dlamini, the price of petrol will increase by E1 per litre at midnight (Thursday, April 8, 2021). The ministry, through a minute released yesterday, stated that the price of diesel per litre would increase by 80 cents while paraffin would increase by 50 cents. This means that the price of a litre of petrol will now be (ULP95) E14.15 and diesel will be at E14.40 per litre with paraffin falling just under E10, at E9.15 per litre. The last increase was effected two months ago in February 2021, where there was a 70 cents hike in all fuel products.

The PS said in the month of March 2021, the brent crude oil prices increased to an average of US$66.46 a barrel compared to an average of US$65.69 a barrel realized in the month of February 2021. The high oil prices are primarily a result of lower crude oil production from the members of OPEC and partners. The Lilangeni/Dollar exchange rate exacerbated the situation as it depreciated and averaged E15.01 in the month of March 2021 as compared to the E14.78 realised in the month of February 2021,” she said. The public was further urged to use fuel efficiently as the international oil markerts and the Lilangeni/Dollar exchange rate remained volatile. The country’s increase comes just a day after neighbouring South Africa also increased its fuel prices by a R1. According to South Africa’s Central Energy Fund, the latest fuel price was blamed on the weakened Rand for the latest bout of fuel price hikes.

Depreciated

It was reported that the Rand depreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period February 26, 2021 to March 30, 2021 was 14.9829 compared to 14.7631 during the previous period, the CEF reported. It was stated that this led to a higher contribution to the basic fuel prices on petrol, diesel and illuminating paraffin.  After the latest developments on the fuel price hike were officially on the government social media pages, users made their feelings known through a variety of posts and questions. Most of them, on both the Facebook and Twitter government pages, criticised the price hike and argued that it was not the right time to effect it.

Comments (0 posted):

Post your comment comment

Please enter the code you see in the image:

: Luke Commission
Do you think the Luke Commission is being treated unfairly?