Ethiopia: #asdailyscoop - Govt Announces Loss of 124bln ETB to Stabilize Fuel Prices

(File photo)

Addis Abeba — : The Ministry of Trade and Regional Integration said the government has lost 124 billion ETB in its efforts to stabilize fuel prices. This was indicated at the ongoing Fuel Marketing Reform Implementation Forum in Hawassa city in SNNP regional state, regional media reported.

The forum is being attended by Gebremeskel Chala, Minister of Trade and Regional Integration, Ristu Yirda, President of the Southern Nations, Nationalities and People's Region (SNNPR), and senior federal and state officials.

Forum participants are discussing a document by the Ministry of Trade and Regional Cooperation on the challenges of fuel supply and distribution and discussed ways to solve the problems.

Gebremeskel said at the forum that the reform was important to solve the bottlenecks in the sector in a sustainable manner, adding that success in the process require determination and commitment of the political leadership. The sector plays an important role in the country's total foreign exchange earnings.

Accordingly, modernizing the fuel trading system is a matter of urgency, Gebremeskel further said. It was stated that the reform designed by the ministry is aimed at transforming the fuel trading system into an international trading system.

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