The Minister of Trade and Regional Relations of Ethiopia, Dr. Kasahun Goffe, announced that the government will distribute over 14 million liters of cooking oil across the country next week to stabilize the market.
After the recent shift to a market-driven foreign exchange rate, in the Addis Ababa Mercato market, a significant price hike was observed, with some prices rising by as much as 400 birr. This increase primarily affects imported packaged foods, beverages, and various other goods.
Traders in the Mercato market in Ethiopia indicated that the prices of the imported cooking oil have surged between 30 birr and 400 birr, depending on the type and demand for the oil.
Although, on July 30 and 31, 2024, the Addis Ababa Trade Bureau conducted inspections and identified 13 businesses in sub-city 11 and 2 in Yeka sub-city that warranted action. Reportedly, the Addis Ababa Trade Bureau had imposed administrative penalties on a total of 77 shops across all sub-cities.
Currently, more than 700 trucks carrying essential goods have completed customs procedures at the Adama customs station. The minister highlighted that officials have discussed how to effectively market these products and have established solutions.
He also stated that the government will fully address issues related to the new VAT payment procedures from the Ministry of Finance, ensuring that most vehicles will deliver goods in bulk to the market.
Other Stories
Ethiopia Revokes Licenses of more than 500 Businesses Over Price Hikes
More Stories
Addis Ababa City Administration Eases Taxi Regulations
Yohannes Ayalew Appointed as Amhara Bank CEO
Six Individuals Charged Over Ethiopian Airlines Security Breach