Ethiopia to Reduce Fuel Subsidy, Raise Oil Prices

fuelEthiopia's Ministry of Trade and Industry announced that it has decided to cut down fuel subsidy to 75 percent, subsequently slightly raising fuel prices so users cover the 25 percent. The Ministry has related that the Ethiopian government has spent 24.05 billion birr (over $608.5 million) for oil price subsidy in the last two years alone.

Kassahun Mulat, Pricing Research, Monitoring and Control Director at the Ministry of Trade and Industry, citing that subsidy allocated for stabilizing fuel price has increased by more than 1.5 billion birr in December 2020, the government has been prompted to make the reduction in subsidy.

Mr. Kassahun has also highlighted efforts of the Ethiopian government to stabilize prices of consumption goods during the coronavirus pandemic.

https://t.me/News2merkato


Source: FBC

Exchange Rates

Selling
Buying
USD 43.2943  42.4454 
GBP 58.4593  57.3130 
EUR 52.4900  51.4608 
AED 10.6659  10.4568 
CHF 45.7115  44.8152 
CAD 32.3167  31.6830