The Ethiopian Ministry of Commerce announced that “Fuel prices have risen by 20%, the second increase of its kind in less than three months, as the government removes fuel subsidies, exacerbating economic hardship in Africa’s second-largest country in terms of population.”

The Department of Commerce said in a statement: “In order to ensure that retail prices are in line with the international market, new oil prices apply from September 28.” She explained that “she will revise the price every three months in accordance with the current economic situation in our country and the situation in the oil market.”

In this context, Sputnik indicated that “the government began phasing out subsidies for petroleum products in July, setting an initial increase of 30 to 40 percent for gasoline and diesel.”

Under the new measures, the price of diesel increased by 22%, pushing the price per barrel up to 59.90 birr ($1.13) and gasoline prices up 20% to 57.05 birr, according to the ministry.

The global rise in commodity prices has also greatly eroded the foreign exchange reserves of the importing country.