By Nozipho Sibiya | 2017-12-08
Fuel prices went up by 70 cents last night. The new prices were effective at midnight. According to a press statement from the ministry of natural resources and energy, all fuel products have increased by 70 cents per litre. “The increase in the fuel prices is as a result of higher crude oil prices which increased in November,” reads the statement. The lilangeni to US Dollar exchange rate weakened, trading at E14.13 last month compared to E13.61 in October.
The combined effect of the higher crude oil prices and the weaker lilangeni or dollar exchange rate led to under-recoveries (deficit) in the fuel prices, necessitating a fuel price increase. Principal Secretary at the Ministry of Natural Resources and Energy Winnie Sterwart urged the public to use fuel in a very efficient manner as the international oil markets remain volatile.
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