Ministry Rolls Out Fuel Price Adjustments

May 6 , 2023


The retail fuel price saw an increase as the Ministry of Trade & Regional Integration announced a new tariff last week. The price of kerosene has been adjusted to 67 Br a litre; gasoline is sold for 61.29 Br and diesel for 67.3 Br while the international price has picked up at 58 Br, 71 Br and 67 Br, respectively. The subsidy price of gasoline which had previously been 17.22 Br, will increase to 25.47 Br while diesel will increase from 22.68 Br to 26.26 Br per litre. Officials say the tariff increase will not be applied to transportation. The mandatory cashless transaction that began last week was announced by the Ministry of Transport & Logistics over a month ago. The Minister, Alemu Sime (PhD), said the payment is integrated with a fuel relocation and allocation system in service outlets across the country. The nationwide operation is set to unfold in the coming week.


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