ADDIS ABABA, March 11 (Xinhua) -- Ethiopia is taking remedial measures to address the fuel crisis caused by the war in the Middle East, a senior official has said.
Ahmed Shide, Ethiopia's minister of finance, told reporters on Wednesday that the government has increased its subsidies to ensure that the fuel supply remains reliable and aligned with citizens' purchasing power.
He said the government is also carrying out additional fuel purchases to prevent a supply shortage caused by the closure of the Strait of Hormuz following tensions in the Middle East.
According to the minister, the Ethiopian government has also begun a nationwide crackdown on illegal fuel trading wherein petroleum products are sold outside the official supply chain.
The minister said "strengthened enforcement measures" are being taken against those individuals and businesses who sell fuel above the officially set price or outside authorized distribution channels.
The crackdown follows a fuel price adjustment announced by the government on Tuesday. The minister noted that the revised fuel prices are highly subsidized and significantly low compared to fuel prices in the international market.
Ethiopia relies entirely on imported petroleum products, making fuel availability and pricing highly sensitive to global market fluctuations. ■
