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Fuel price shocks

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FUEL prices soared to a record high in September. A new price hike announced while the Kingdom was celebrating its 55th independence anniversary and the King’s Birthday on 6 September raised the price of a litre of diesel, petrol and paraffin by E2.50 per litre.

The new price, effective from Friday 8 September 2023, lifts the cost of 50ppm diesel to E23.10, the highest on record.

Unleaded petrol rises to 22.30 while paraffin rises to E17.75 a litre.

The ministry of Natural Resources and Energy said the increase was to significant increases in the international fuel prices as well as weakening of the currency against the USA dollar. Eswatini’s Lilangeni is linked to the South African Rand which has been buffeted by negative sentiments since it became embroiled in a controversy following the visit of a sanctioned Russian ship, the Lady R to South Africa earlier this year. Investor sentiment is also depressed by ongoing loadshedding which returned with a vengeance after a respite as South Africa hosted the BRICS Summit in August.

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