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Ethiopia is facing a severe and worsening diesel shortage across several regions, leading to significant pressure on daily life. The crisis is exacerbated by rampant illegal fuel trade, driving up prices for transport and commodities.
Ethiopia has doubled its daily diesel supply back to 9 million liters following a period of rationing caused by global oil market disruptions.
Ethiopia is facing a severe fuel (diesel) shortage across multiple regions, leading to exorbitant prices on the black market and significantly impacting citizens' daily lives and the broader economy.
Construction material prices in Ethiopia have surged dramatically, with sand prices hitting 130,000 ETB per truck as fuel shortages and logistical bottlenecks cripple the industry.
Drivers transporting fuel from Djibouti to Ethiopia have debunked social media claims that the fuel crisis is over, reporting that daily truck loads have plummeted by over 80%.
Ethiopia's Council of Ministers has approved €190 million in loan agreements from European partners to bolster economic reforms and rural financial access. The council also greenlit a major investment in a domestic urea fertilizer factory, aiming to enhance food security and save foreign currency.
Global oil prices plummeted below $90 per barrel today, minutes after Iran announced the Strait of Hormuz would be fully open to commercial vessels during a ceasefire. This significant drop follows Brent crude reaching $98 earlier this morning.
Prime Minister Abiy Ahmed announced Ethiopia's plans to inaugurate its largest gold factory within months and highlighted significant economic growth projections by the World Bank and IMF, alongside efforts to boost tourism capacity.
Prime Minister Abiy Ahmed has voiced concerns over the economic viability of Ethiopia's Mojo-Hawassa expressway, citing its significant loan burden and poor return on investment. He suggested that alternative infrastructure investments could have yielded greater economic benefits for the nation.
The National Bank of Ethiopia has announced that minimum interest rates will now be determined by market forces as part of its ongoing monetary policy reforms.
Ethiopia is facing rising fuel costs as supply chain disruptions in the Middle East force the country to purchase oil at premium spot market prices.
Ethiopia faces a severe fuel supply crisis and rising costs as Middle East conflict disrupts critical shipping routes through the Strait of Hormuz.
