Rising Fuel Prices Ignite Concerns Over Subsidy Impact, Economic Strain
Fuel prices have spiked, exacerbated by global supply disruptions and a weakening Birr, leading to higher transportation and production costs. The federal government has announced close to 10pc increase in retail fuel prices, setting the price of a litre of benzene at 91 Br and diesel at 90 Br.
Retail fuel prices have surged over the past five years, driven by global market dynamics, domestic economic reforms, and a depreciating Birr. The gradual elimination of government fuel subsidies, a policy encouraged by international financial institutions, has shifted the burden onto consumers.
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