Feb 17 , 2024
Nationwide digital fuel transactions have exceeded the 155.4 billion Br mark, as the Ethiopian Petroleum & Energy Authority released a half-year report last week. Consistent reductions in fuel subsidies have led to the fuel price stabilisation fund hitting an all-time low of 117.4 billion Br, a decrease of 79.6 billion compared to the previous year. The report highlights the successful monitoring of subsidies across the country's 1,589 fuel stations, benefiting nearly 200,000 transporters over the past four months. The proper oversight of subsidies has contributed to the substantial reduction in the fuel price stabilisation fund. Last month, the Ministry of Trade & Regional Integration decreased the number of public transporters eligible for fuel subsidies. The gradual removal of subsidies has been underway since last year, with the Council of Ministers announcing a phased-out process for all beneficiaries through periodic revisions. The report indicates a significant shift in the fuel subsidy landscape, signalling ongoing efforts to align fuel prices with market dynamics and reduce government financial burdens in this sector.
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