Ethiopian government today raised fuel prices by around 10%. This is the biggest increase since the introduction of macro economic reforms by the government around two months ago.
The petrol price has been increased 10%. The new price of gasoline is 91.14 birr per litre. Price of diesel has been increased 7 birr. New price is 90.28 birr per litre.
The Ethiopian government, around 2 months ago, introduced macro economic reforms. It liberalized foreign exchange market. Since then Ethiopian currency birr has been dropping against US dollar. The birr has lost more than 100% of its value so far.
Fuel prices were set to increase but the government, through subsidy, stopped prices from rising. It seems that the government has decided to withdraw subsidies. Reportedly, the Ethiopian government intends to withdraw all fuel subsidies in coming months. The rise in fuel prices could impact the lives of ordinary citizens who are already faced with rising prices of food items.
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