Ethiopia to Import 150mln Liters Edible oil to stabilize Market

ADDIS ABABA – Ethiopia will import 150 million liters of edible oil in the coming three months, according to Ministry of Finance.

The import is a part of the government’s efforts to stabilize the market, said Finance Minister Ahmed Shide, speaking at a press briefing on Wednesday.

The government bought 12.5 million liters of edible oil and are on the way to the country. About 4.8 liters of edible oil have arrived and are being distributed to the public, the minister said.

The remaining 7.7 million liters is expected to arrive here in the next three weeks, he said.

Apart from the ongoing import, the minister said government will continue providing support to local manufacturing industries including Fibela, Shemu and Hamaresa edible oil factories that are processing crude palm oil in the country.

Ahmed also said the government has already dropped tax and tariffs on all imported edible oil products, forgoing at least 23.7 billion birr worth of revenue.

It has also spent 100 billion birr on Fuel subsidies this fiscal year, the minister said.