PETROL PRICE DROPS TO LESS THAN E20/LITRE

MBABANE – Motorists will have a merry Christmas as the petrol price will go back to costing less than E20 per litre.

The price of petrol will drop by E1.50 per litre as of midnight today. The fuel price adjustments were announced by the Principal Secretary (PS) in the Ministry of Natural Resources and Energy, Dorcas Dlamini. These adjustments will also see the price of Diesel 50ppm S decreasing by E2.00/litre and Illuminating Paraffin decreasing by E2.00/litre. “The new fuel price shall come into effect at midnight, Thursday, December, 22, 2022 (effective Friday, December 23, 2022),” said Dlamini. The PS stated that the crude oil prices traded at an average of US$82.37 in the month of December from an average of US$93.80 a barrel realised in the month of November, 2022. The Lilangeni/Dollar exchange rate slightly appreciated and averaged E17.33 in the month of December 2022, as compared to the E17.68 realised in the month of November 2022. Dlamini added that the increase in the crude oil prices was due to the recession fears among oil traders, coupled with slow demand due to the COVID-19 outbreak in China.

Emergency

“Further, the USA released their emergency supply,” she said. Dlamini stated that this oil market submission resulted in fuel price reduction, which necessitated the fuel price decreases. She encouraged the public to use fuel efficiently as the international oil markets and the Lilangeni/Dollar exchange rate remain highly volatile.This is the 10th change of fuel price in the country since the beginning of the year and these changes have been a mixture of hikes and drops, but mostly hikes. In February, petrol cost E17.50/litre while diesel cost E17.00/litre and paraffin cost E11.75/litre. From then it all kept on increasing until September where it went beyond the E20 per litre.

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