Due to an ongoing political crisis in the Middle East, the Ethiopian government is now calling on citizens and institutions to avoid unnecessary consumption of fuel and is announcing measures to stabilize supply and combat illegal trad, saying that price might get worst in coming days.
The Minister of Finance, Ahmed Shide, in a press conference, described the price increase as ‘alarming’ and outlined measures to prevent a major crisis.
The Ethiopian government plans to increase fuel subsidies to keep prices affordable, purchase additional petroleum products to prevent supply shortages, and launch a national crackdown on illegal fuel trade, targeting sales outside official channels or at prices above the regulated rate.
The Ethiopian government has sounded the alarm over the surge in fuel prices, a direct consequence of tensions in the Middle East and the closure of the Strait of Hormuz, a strategic shipping lane for oil transport.
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The minister noted that these measures are accompanied by strengthened enforcement against individuals and companies that violate regulations, to protect the market and ensure fuel access for everyone.
Ethiopia, entirely dependent on imported petroleum products, is particularly vulnerable to global fluctuations.
Ahmed Shide emphasized the importance of responsible consumption and ensuring a stable supply amid uncertainty in international energy markets.
