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Oil price hike in July
Addis Ababa: – The Petroleum and Energy Authority said it will control the cost of living due to the July oil price adjustment.
It has been stated that the price adjustment will not be a factor in the cost of living.
According to Legesa Mesa Tulu, Director of the Standards Study and Research Directorate of Petroleum Products Marketing at the Petroleum and Energy Authority, Due to the July oil price adjustment, necessary measures will be taken to ensure that the cost of living does not worsen.
The impact of oil prices should be considered in its own right, he said. The extent to which it has a real and scientific impact is limited by a study by the Planning and Development Commission. However, he emphasized that the increase in consumer prices was “outrageous” and needed to be addressed.
According to Mesa: When five birr is added to the fuel, the trader will increase the price by 15 birr. As a result, up to 12 stakeholders are monitoring the cost of living due to the price adjustment. For its effectiveness, the administration, justice and security at all levels must work together.
He also said that the adjustment of the price of oil is aimed at eliminating illegal trade and expenditure in the face of global oil prices. He said the price adjustment should be implemented in a way that does not have a significant impact on low-income groups.
According to Mesa: It is important to support low-income groups in the proposed oil price adjustment. He said a directive has been issued to support public transport services and is working on its implementation.
Beneficiaries will be provided with city buses, sheger transport, support buses, public service, level one to three level transit buses, minibuses carrying 12 to 40 people, taxi minibuses and badges.
He said there are many problems related to price, fuel infrastructure and logistics, transportation, monitoring and control.
He said discussions are underway with the Customs Commission to rectify the problem.
He said the oil price adjustment aims to eliminate the bulk subsidy and return it to the stabilization fund system and gradually reduce its 132 billion birr debt.