On Tuesday evening, the Ethiopian Ministry of Trade and Regional Integration (MoTRI) announced an immediate 13.3 percent increase in petroleum prices.
MoTRI stated in a press release that the price increase could cause petroleum prices to increase from 61.29 Ethiopian birrs per liter (1.13 U.S. dollars) to 69.43 birrs per liter.
MoTRI also announced that the price of one liter of diesel has increased from 67.30 to 71.08 birrs. The price of one liter of kerosene has increased from 67.30 to 71.08 birrs.
The ministry revealed that the latest increase in petroleum prices will remain in effect until June 7, 2023.
The Ethiopian government raised the prices of petroleum products for the second time in four months.
Ethiopia, a net importer of petroleum products, has lost much-needed foreign currency in recent years due to fluctuating international oil prices.
In March 2023, the Ethiopian Statistics Service reported that the overall inflation rate in the East African nation was 37.7 percent. Enditem