APA-Addis Ababa (Ethiopia) The Ministry of Trade and Regional Integration (MoTRI) announced a new fuel retail price adjustment that saw fuel prices at the pump jump for the first time in four months.
The crude oil price in the global market has since hiked to $86 per barrel from $75 while naphtha climbed from $88 to $120 per barrel, the MoTRI said in a statement on Wednesday.
“The decision to increase the retail prices is made to reflect the current international fuel market,” the ministry said.
Per the ministry, the government has chosen to subsidize all but 50% of the naphtha price while making the latest fuel price adjustment.
Accordingly, the average fuel prices at the pump show a seven percent increase.
The price of a liter of diesel has jumped by 7.3 percent to 76.34 Birr as of Tuesday night. Light black diesel price at the pump rises 7.3 percent to 62.22 Birr per liter while a liter of hard black diesel is set at 61.07 Birr, up by 7.8 percent.
Benzene price at the pump goes from 69.52 Birr a liter to 74.85 Birr, showing a 7.6 percent increase. The retail price of Kerosene jumps by 7.3 percent to 76.34 birr per liter at gas stations.
The domestic Jet fuel price, meanwhile, shows a relatively slight increase as authorities set the price at 68.58 Birr,up by close to 5 percent as of Wednesday.
MG/abj/APA