The Ministry of Trade and Regional Integration announced adjustments to fuel prices, effective July 10, 2024. According to the Ministry, this decision comes in response to rising global oil prices.
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The National Bank of Ethiopia is revamping its gold buying scheme to combat a decline in official gold supplies. The bank announced significant price hikes for suppliers, hoping to stem the flow of gold into the black market.
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The Ministry of Mines fell short of its revenue target for mining activities between 2018 and the first quarter of the current fiscal year (2023/24), according to a report by the Office of the Federal Auditor General.
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The Ethiopian government has finalized a study on electricity tariff reform, submitted to the Petroleum and Energy Authority. This initiative aims to recover electricity provision costs due to the declining global purchasing power of the dollar.
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A survey involving the drilling of 19 wells in the Ogaden region confirmed the presence of 21.336 billion cubic meters of natural gas. This latest discovery adds to Ethiopia's existing oil and natural gas deposits found in six locations across the country.
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