BY ANDREW DLAMINI
MBABANE – What a sigh of relief!
The Ministry of Natural Resources and Energy has today announced a decrease in fuel prices, providing relief for motorists in the country.
The decrease will be effective from Friday, 03 November 2023.
According to a press release, the price of Unleaded Petrol 95 (ULP 95) will decrease by E2.00 per litre, while Diesel 50 ppm and Illuminating Paraffin will see a reduction of E1.00 per litre. This decrease is attributed to an increase in fuel supply, leading to a decline in global fuel prices. The drop in the Brent crude oil price from an average of US$92.56 a barrel in September to US$90.09 a barrel in October, coupled with a depreciation in the Lilangeni/Dollar exchange rate from E18.78 to E19.09, contributed to this downward trend in fuel prices.
Today, South Africa, too, is experiencing a drop in fuel prices, bringing relief to cash-strapped motorists.
The Minister of Mineral Resources and Energy, Gwede Mantashe, announced a decrease of R1.78 a litre for both grades of petrol (93 and 95 ULP & LRP). Additionally, Diesel (0.05% sulphur) prices will reduce by 85.08 cents a litre. Consequently, a litre of 95, which currently costs R25.68 in Gauteng, will decline to R23.90. This reduction is attributed to the declining trend in crude oil prices and favorable shifts in the Rand/US Dollar exchange rate.
This decrease in fuel prices is a welcome change for South African consumers, alleviating some of the financial burdens associated with transportation. The adjustments, effective from 1 November for South Africa.
Meanwhile, Eswatini’s move to lower fuel prices comes as a relief for consumers, offering a positive impact on the cost of living for many citizens. The Ministry encourages the public to use fuel efficiently, considering the ongoing volatility in the international oil markets and exchange rates.
