By Ncaba Ntshakala
The Ministry of Natural Resources and Energy has announced a decrease in fuel prices, with Unleaded Petrol, Diesel 50ppm S, and Illuminated Paraffin all set to drop by E1.00 per litre.
This change will come into effect at midnight on Thursday, September 5th, 2024, meaning consumers will benefit from the new prices starting Friday, September 6th.
Principal Secretary Lindiwe Mbingo who issued the statement, shared that the decrease in fuel prices is attributed to several factors.
In August 2024, Brent crude oil traded at an average of US$80 per barrel, down from an average of US$85 per barrel in July 2024.
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Additionally, the Lilangeni/Dollar exchange rate appreciated slightly, averaging E18.15 in August 2024 compared to E18.22 in July 2024.
This favourable economic environment resulted in an over-recovery for Unleaded Petrol, Diesel 50ppm S, and Illuminating Paraffin, allowing for the price reduction.
As a result, the new fuel prices will be as follows: Unleaded Petrol (ULP 95) will decrease from E21.60 to E20.60 per litre, Diesel (0.005% S) will decrease from E22.40 to E21.40 per litre, and Illuminating Paraffin will decrease from E16.75 to E15.75 per litre.
The Ministry further urged the public to continue using fuel efficiently, as both the international oil markets and the Lilangeni/Dollar exchange rate remain volatile, which could affect future pricing.
Speaking to Mawanda Mavimbela who is in the public transport industry, he said that such news is a relief for them.
“We appreciate such news because to us a drop in fuel prices means that we will make at least an adjusted profit,” he said.
Mavimbela further stated that the sometimes-escalating fuel prices are killing them since the business is now saturated and most emaSwati now use private vehicles.
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On August 5, the Department of Petroleum and Mineral Resources noted that motorists would see another cut at the pumps that month,
with prices coming down by 15 cents per litre for petrol and between 17 and 28 cents per litre for diesel.
Fuel Old Price (Per Litre) New Price (Per Litre)
Unleaded Petrol (ULP 95) E21.60 E20.60
Diesel (0.005% S) E22.40 E21.40
Illuminating Paraffin E16.75 E15.75
