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.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


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Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


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Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...