Fuel Prices Rise as Shortages Linger

Jul 13 , 2024


[ssba-buttons]

Drivers will face higher costs at the pump after the Ministry of Trade & Regional Integration announced adjustments to fuel prices. The changes, effective last week, reflect rising global fuel prices, according to officials. The price of benzene has seen a four Birr jump to 82.6 Br for a litre. Diesel prices also rose by the same amount to 83.74 Br a litre while Kerosene and jet fuel prices are sold at 83.74 Br and 70.83 Br a litre, respectively. This marks a price adjustment in seven months. However, the news comes amidst recent fuel shortages in Ethiopia caused by multiple factors, including technical failures and flooding at Djibouti terminal. Ethiopia relies heavily on imports to meet its fuel needs, spending around 3.89 billion dollars to import 2.4 million tons of fuel through the Djibouti fuel terminal. A fire incident at this terminal five months ago also impacted the 10 million litre daily supply of diesel.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...