The price of fuel dipped significantly for the first time since the start of the Russia-Ukraine conflict.
The Principal Secretary in the Ministry of Natural Resources and Energy Dorcas Dlamini, the most significant decrease is in the price of ULP 95 petrol which falls by E2.00 per litre from E22.80 to E20.80 at midnight Thursday 2 November 2023.
She said the price decrease is mainly due to the increased supply of fuel in the global markets which led to decreased fuel prices. The price of Brent Crude during the month of October traded at $90.09, down from the $92.56.
However the price benefit for Eswatini was muted by the continued weakness of the Rand against the USA dollar. The Rand, to which the Lilangeni is tied, depreciated from E18.78 in September to E19.09 in October 2023.
Diesel 50ppm and paraffin will however drop by E1.00. Price of diesel 50ppm will reduce from E24.40 per litre to E23.40 effective Friday morning while paraffin will drop from E19.05 to E18.05 per litre.
The fuel price jumped from around E14.00 per litre in January 2022 before Russia invaded Ukraine. The war has extensively destabilized the global economy resulting in extensive food price increases, shortages of commodities and most importantly, shortage of fertilizers for which both Russia and Ukraine are world leading producers. This has resulted in a significant increase in the cost of living, especially affecting the price of food and other essential goods. jm/sena/2.11.23