The Ethiopia Ministry of Trade and Regional Integration (MoTRI) has announced a decision to hike gasoline prices by 30 percent starting Wednesday.
In a press statement sent to state media outlets on Tuesday evening, the ministry said the price hike would see gasoline prices rise from 36.87 birr to 47.83 birr (0.92 U.S. dollars) per liter.
The MoTRI statement also said the price for one liter of diesel is similarly hiked from 35.43 birr to 49.02 birr.
The MoTRI said the latest fuel price hike, which will last at least until August 6, is intended to save part of the 10 billion birr (191.1 million U.S. dollar) deficit the government has, which should otherwise have been transferred to the consumer.
According to the ministry, if the Ethiopian government was to set the price of gasoline and diesel at an international price level, it would’ve set 82.07 birr and 91.23 birr respectively.
The Ethiopian government’s latest petroleum products price hike came in nearly two months.
The MoTRI has previously blamed rising global oil prices for its decision to institute the latest price hike.
According to the latest data released by Ethiopia’s Central Statistical Agency, the inflation rate in the country rose to a record high of 37.2 percent in May, up from 36.6 percent in April.