IT’S GOOD, BAD NEWS FOR CONSUMERS

MBABANE – It’s a mix of good and bad news.

The good news is that motorists will heave a sigh of relief as fuel prices will decrease as of midnight today (effective tomorrow, Friday, September 2, 2022). The announcement was made by the Principal Secretary (PS) in the Ministry of Natural Resources and Energy, Dorcas Dlamini. Dlamini announced that the price of Petrol (ULP-95) will decrease by E1.50/litre, while the price of Diesel 50ppm S and Illuminating Paraffin will decrease by 50 cent/litre.  The PS said the reasons for the changes were that the crude oil prices traded at an average of US$100.78 in the month of August from an average of US$106.27 a barrel realised in the month of July, 2022.

Dlamini said the Lilangeni/Dollar exchange rate slightly appreciated and averaged E16.52 in the month of August, 2022, as compared to the E16.87 realised in the month of July, 2022. The ministry encouraged the public to use fuel efficiently as the international oil markets and the Lilangeni/Dollar exchange rate remained highly volatile. The decline of fuel prices followed that of August 4, where petrol price dropped by 60 cents per litre and diesel dropped by 40 cents.  These two recent drops of fuel prices followed a steep hike of E2.50, which was implemented in June which saw a number of commodities going up. So far, the recent fuel price drop totals E2.10 while in June fuel prices went up by E2.50.

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