Motorists could soon enjoy relief at the pumps after Minister of Natural Resources and Energy Prince Lonkhokhela hinted that fuel prices are expected to decline following the easing of tensions in the Middle East.
Speaking during Prime Minister Russell Mmiso Dlamini’s tour of the Phuzamoya Strategic Oil Reserve yesterday, Prince Lonkhokhela said discussions between government and fuel suppliers had indicated that prices were likely to decrease in the coming months.
“We are happy now that tensions have settled. The principal secretary’s office has been talking to suppliers and the prices will go down in the coming months. I do not know by how much, but the principal secretary will indicate in due time,” he said.
The minister linked the anticipated reduction to improving global market conditions after recent geopolitical tensions in the Middle East drove uncertainty in international oil markets.
He said the recent crisis had once again demonstrated why Eswatini urgently needed a strategic fuel reserve, noting that the country currently had fuel storage capacity sufficient for only one to two days.
Prince Lonkhokhela said this left the country vulnerable to supply disruptions, warning that without energy there could be no functioning economy.
He said had the Strategic Oil Reserve Facility already been operational during the recent Middle East crisis, the country would have been in a much stronger position to withstand any disruptions to global fuel supplies.
The minister, however, commended local fuel suppliers for ensuring uninterrupted deliveries during the period of heightened global uncertainty.
He said despite concerns over international supplies, Eswatini did not experience fuel shortages, unlike some countries that struggled to secure fuel for weeks.
“I am very grateful to the suppliers of petrol in the country. They helped us so diligently when there were concerns about shortages. We never fell short of supplies. The fuel was always there and continued to arrive,” he said.
Prince Lonkhokhela described the Strategic Oil Reserve Facility as one of the country’s most significant investments in energy security and economic resilience.
He said the facility would be much more than an infrastructure project, describing it as a national asset that would safeguard the economy, protect citizens and strengthen the country’s sovereignty in energy matters for generations.
The E5.2 billion project, currently under construction at Phuzamoya in the Lubombo region, will have the capacity to store approximately 80 million litres of petrol and diesel, enough to meet the country’s fuel demand for around 60 days. Construction is expected to be completed within 36 months.
The minister said he was encouraged by the progress made so far, noting that the tank foundations were now clearly visible.
He also praised the prime minister for closely monitoring implementation through weekly and monthly progress reports, saying the regular oversight demonstrated government’s commitment to ensuring the project delivered lasting value beyond fuel security by transforming lives and stimulating economic growth.
Prince Lonkhokhela further commended implementing partners from Taiwan, saying they had committed themselves to completing the project within budget and ahead of schedule.
He noted that this would be a significant achievement, as many major infrastructure projects often exceeded their budgets and timelines.
“The attention to detail and safety practices observed here are an indication of the quality of work being undertaken,” he said.
The minister also welcomed progress on developing a subcontractor strategy aimed at increasing local participation in the project, saying government would continue refining the framework to maximise opportunities for local contractors and businesses.
He thanked Members of Parliament for facilitating the passage of the Loan Bill that made the project possible, while also acknowledging the continued cooperation of Chief Mshengu and the Phuzamoya community.
Prince Lonkhokhela also commended the Eswatini National Petroleum Company (ENPC) for its professionalism in managing the project, saying the consistent reporting on construction progress and risk management gave him confidence that the strategic national investment was in capable hands.
He pledged that government and project partners would continue maintaining the highest standards of quality and safety to deliver a world-class facility that Emaswati would be proud of for decades to come.
