Ministry Keeps Fuel Retail Price Constant

Mar 9 , 2019


The Ministry of Trade & Industry has kept the retail price of all petroleum products at a constant level for March, except for aircraft fuel. The price of aircraft fuel increased by 10pc to 22.74 Br a litre. The prices of fuel for the rest were kept at the same levels to stabilise economic activity in the country. The government amended retail prices last November, raising gasoline to 19.69 Br a litre from 18.77 Br and Kerosene to 17.78 Br a litre from 16.35 Br. At a consumption rate of around 12.4 million litres a day, with gas oil taking the lion’s share, the nation spends billions of dollars in imports to meet the demand. Fuel is imported by the Ethiopian Petroleum Supply Enterprise, which distributes to 26 retailers that operate a total of over 800 fuel stations across the country.


Radar

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...


Radar

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...


Radar

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...


Back
WhatsApp
Telegram
Email