Ethiopia: Oil Price Decline Lightens Import Bill

Following a sharp decline in international oil prices, Ethiopia's oil import bill for the current fiscal year is expected to go down by 600 million dollars, an estimated 21 percent of the overall import bill.

According to information obtained from the Ethiopian Petroleum Supply Enterprise, this year's projected oil import bill is an overwhelming 2.9 billion dollars which accounts for 1/5 of an overall import bill. However, owing to the downward trend in the international oil market starting from June this year, the Enterprise has managed to gain some 400 million dollars after decrease in the costs of oil imports which it expects to grow even larger by the end of the year.

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