borkena
May 21, 2019
The regular session of Ethiopian Parliament ratified law on Tuesday to establish an authoritative agency that oversees the supply and distribution of petroleum and by-products.
The legislation sees petroleum as a strategic product necessary for the development and prosperity of Ethiopia.
According to Fana Broadcasting Report, Ethiopia spends more than $U.S 2.8 billion per annum on the purchase of petroleum and is one of the products highly subsidized by the government, and that is why Ethiopian parliament believes in the importance of regulating the product.
Accordingly, the new authority will, among other things, ensure that petroleum products are of acceptable quality and used in a way that will not cause community health issues and environmental pollution.
As well, the authority is given legal power to follow up distribution and supply of petroleum products and take corrective measures whenever there is a violation of the law.
There have been complaints that suppliers purposely create shortages of the product so as to manipulate the price – something that the new authority is expected to do away with.
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