Fuel Prices to Increase by 80 Cents, Effective Midnight
Motorists will wake up to higher fuel prices tomorrow (March 7) as the Ministry of Natural Resources and Energy has announced an 80-cent increase across all fuel products. The new prices take effect at midnight, raising concerns among consumers already grappling with the rising cost of living.
New Fuel Price Structure
- Unleaded Petrol
- Previous Price: E19.80 per litre
- New Price: E20.60 per litre
- Approx. Increase: 4.0%
- Diesel
- Previous Price: E20.20 per litre
- New Price: E21.00 per litre
- Approx. Increase: 3.96%
- Paraffin
- Previous Price: E19.00 per litre
- New Price: E19.80 per litre
- Approx. Increase: 5.5%
Reasons for the Increase
According to a statement released by the Ministry, several factors contributed to the 80-cent hike:
- Rising Global Oil Prices: International crude oil prices have remained volatile, pushing up costs for fuel importers.
- Exchange Rate Fluctuations: The Lilangeni/Dollar exchange rate has seen unfavorable movements, adding pressure to local fuel prices.
- Supply and Demand Dynamics: As global economies continue to recover, increased demand for fuel has tightened supply, further influencing prices.
Public Reaction and Concerns
Some consumers have expressed alarm that while a few neighboring countries report stable or reduced prices, Eswatini is experiencing consecutive increases. The Ministry has clarified that each country’s pricing is influenced by its own unique economic factors, including tax regimes and currency valuations.
“We understand the impact this has on consumers,” a spokesperson from the Ministry said. “However, global market forces remain beyond our direct control. We are monitoring the situation closely and will make adjustments if the global oil market stabilizes.”
Economic Outlook
Despite the current increase, there are signs of gradual improvement in the global economy compared to earlier this year. The Ministry indicated that if crude oil prices and exchange rates remain stable or improve, there could be a pause in further fuel hikes in the near term.
In the meantime, local transport operators and businesses are bracing for the ripple effects of the higher fuel costs, which may lead to increased fares and prices for goods and services. Consumer advocacy groups are urging the government to consider measures—such as targeted subsidies or temporary relief—to ease the burden on vulnerable households.
Looking Ahead
With the new fuel prices taking effect tonight, motorists are advised to budget accordingly. The Ministry of Natural Resources and Energy will continue to monitor international fuel trends and the exchange rate, promising timely updates on any future price changes.
As consumers and businesses adjust to the higher costs, all eyes will be on global market developments and government policy responses that could shape the country’s economic landscape in the weeks to come.