Fuel Tariffs to Remain Consistent in November

Nov 9 , 2019


The Ministry of Trade & Industry will not revise fuel prices except for jet fuel this month. Jet fuel will see a decrease in its price by almost two Birr to 24.87 Br a litre. The Ministry evaluates the prices of fuel every month for the nation, which consumes over 5.2 billion litres of fuel every year. The government pays a quarter of a billion dollars for fuel every month. The Ethiopian Petroleum Supply Enterprise is the only supplier of fuel in the country, distributing petroleum to 26 oil companies that operated around 800 fuel stations. One hundred twenty of these fuel stations are located in Addis Abeba. The Enterprise supplies benzene, jet fuel, gasoline, kerosene and light and heavy black naphtha.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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