Fuel Prices Go High

Oct 2 , 2023


[ssba-buttons]

Officials at the Ministry of Trade & Regional Integration have made an average three percent increase on the price of fuel, effective September 29, 2023. After only a month since the last adjustments were made, the statement from the Ministry indicates the price twig was necessary following an international oil market change. Following the adjustment, a litre of Benzine is 77.65 Br, up by 2.8 Br; a litte of Diesel goes for 79.75 Br,  while Kerosine is sold at 79.75 Br which increased by 3.41 Br. Jet fuel is sold for 70.83 Br a litre. The Russia and Ukraine war upended oil markets, creating a global energy crisis amid the uneven economic recovery from the pandemic. According to an International Energy Agency report, Russia’s membership in the Organization for the Petroleum Exporting Countries(OPEC+) bloc has complicated efforts by the international community to navigate the crisis and address the major inflationary impacts of higher oil prices in developing countries. The report also stated that the Saudi-Russian alliance is proving a formidable challenge for oil markets with volatility at multi-year lows, the decision by the countries to extend output cuts of a combined 1.3 million barrels per day through year-end triggered a price spike.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...