Where are we sourcing our fuel at such high prices globally?
As I read the solution the government announced today to address the fuel shortage, it states (according to the Minister of Trade and Regional Integration) that before the war, the global price of a barrel of diesel was $80, but has now reached $230. Similarly, gasoline has increased from $70 to $150 per barrel.
However, today the London Brent Crude Oil market (where Ethiopia purchases fuel) is not trading at $150 per barrel, but at around $106. In fact, since the war began, the highest recorded price has been about $119 per barrel.
So where are we buying fuel from at such a high price of $150 per barrel?
If this is a mistake, it should be corrected; if not, an explanation should be provided. This is an issue that by itself could result in a difference of several billions of birr.