Addis Abeba — In one of the most significant fuel price increases in recent years, the Ethiopian government has raised retail fuel prices by up to eight birr per liter overnight. Consumers have also expressed concern over the recent fuel price increase. Yohannes Daniel, a heavy cargo truck driver, expects transportation costs to rise following the recent fuel price adjustment. "Over the next three months alone, the government will incur an additional cost of approximately 33 billion birr to subsidize fuel prices," said Ahmed. According to the Ministry, the delay in adjusting retail fuel prices following foreign exchange management reforms has resulted in domestic fuel prices being half of those in neighboring countries.

Source: Ethiopian News October 09, 2024 12:29 UTC