Ethiopia increases fuel prices by up to more than 12 percent

The Ethiopia Ministry of Trade and Regional Integration (MoTRI) announced on Sunday evening, fuel prices in the country will increase by up to more than 12 percent.

In a press statement sent to state media outlets, MoTRI, said the price hike which become effective starting today sees fuel prices rising between 7.4 percent to 12.3 percent.

In the new fuel prices, benzene price rose from 57.05 birr (1.06 U.S. dollars) to 61.29 birrs (1.14 U.S. dollars) per liter. This is an increase of around 7.43 percent.

The MoTRI statement also said the price of one liter of diesel has increased from 59.90 birrs (1.11 U.S. dollars) to 67.30 birrs (1.25 U.S. dollars), an increase of more than 12.3 percent. The price of one liter of kerosene is also hiked to 67.30 birrs from 59.90 birrs.

The Ethiopian government’s latest petroleum products price hikes came more than three months after the last price increases.

The latest fuel price increase will likely add to the economic woes of vast majority of Ethiopians who are suffering from hyperinflation and insecurity.

Ethiopia’s Statistics Service in its latest data which was for November 2022, disclosed the general inflation rate of the country stood at 35.1 percent.

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