Ministry of Trade and Regional Co-operation announces new adjustments to the retail price of petroleum products in December.
The ministry said the stabilization fund has caused more deficits than ever before due to rising global oil prices.
The new retail price has been set due to the fact that the retail price of domestic products has increased by 100 percent from neighboring countries and the product is prone to high smuggling.
As a result, it was decided to increase the price of petrol from 31 birr to 74 cents per liter, increasing the price from last month. It also sells white fuel for 28 birr and 94 cents, white gas for 28 birr and 94 cents, light black diesel for 23 birr and 73 cents, heavy black oil for 23 birr and 29 cents and jet fuel for 58 birr and 77 cents.
