The Ministry of Natural Resources and Energy has announced a reduction in fuel prices to kick off the new year, bringing positive news for Eswatini residents. The price adjustments will come into effect at midnight on Thursday, January 4, 2024, making the new rates effective from Friday, January 5, 2024.

According to the press release issued by the Ministry, Unleaded Petrol will see a decrease of 30 cents per litre, while both Diesel 50 ppm S and Illuminating Paraffin will witness an 80 cents per litre reduction. The decision to lower fuel prices is attributed to various factors contributing to over-recoveries or profits in the local fuel market.

International oil prices experienced a decline due to uncertainties in the shipping route in the Red Sea. The average brent crude oil prices dropped to US$81.11 per barrel, compared to November 2023’s average of US$82.94 per barrel. These shifts in global oil prices resulted in over-recoveries for all local fuel products, prompting the Ministry to pass on the benefits to consumers.

Additionally, the Lilangeni/Dollar exchange rate saw a slight depreciation, averaging E18.67 in December 2023, compared to E18.50 in November 2023. The Ministry considers these economic factors in determining fuel prices to ensure a fair and transparent adjustment.

The revised fuel prices will be as follows:

• Unleaded Petrol (ULP 95): E20.50 per litre (decreased by 30 cents/litre)
• Diesel 50 ppm S: E21.80 per litre (decreased by 80 cents/litre)
• Illuminating Paraffin: E16.75 per litre (decreased by 80 cents/litre)

The Ministry encourages the public to use fuel efficiently, considering the volatility in international oil markets and exchange rates. This fuel price reduction aligns with the Ministry’s commitment to promoting economic well-being and providing relief to consumers.