Proclamation No. 247/2001 Fuel Price Stabilization Fund Establishment Proclamation | GOALGOOLE | Because you need Information for your goals !
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Proclamation No. 247/2001 Fuel Price Stabilization Fund Establishment Proclamation

PROCLAMATION NO. 247/2001
A PROCLAMATION TO PROVIDE FOR THE
ESTABLISHMENT OF FUEL PRICE
STABILIZATION FUND

WHEREAS, having due cognizance of the close tie that fuel products have with every economic and social activity and their importance in the economy;

WHEREAS, it has become necessary to establish a scheme which would stabilize fuel price.
NOW, THEREFORE, in accordance with Article 55/1/ of the Constitution of the Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows:

1. Short Title

This proclamation may be cited as the “Fuel Price Stabilization Fund Establishment Proclamation No. 247/2001.”

2. Establishment

Fuel Price Stabilization Fund (hereinafter referred to as “the Fund”) is hereby established to be deposited in a special account to be opened by the Ministry of Finance.

3. Objectives of he Fund

The objectives of the Fund shall be to stabilize fuel price by subsidizing the additional cost required due to escalation of fuel price in the international market.

4. Sources of the Fund

The fund shall be collected from the following sources:

1/ amount gained as a result of fuel price reduction in the international market;

2/ donation obtained from foreign sources for fuel price stabilization.

5. Collection of the Fund

1/ The Ethiopian Petroleum Corporation shall deposit in the account of the Fund the difference between expenses for fuel

purchase and other operations taken into account when determining sales price of fuel at a local market and the actual expenses incurred.

2/  The Ethiopian Petroleum Corporation shall deposit, the amount specified under Sub-Article (1) of this Article, within five working days from the coming into force of the fuel price adjustment determined every three months.

6. Disbursement

Disbursement of the Fund shall only be made with prior authorization of the Council of Ministers.

7. Power of the Minister of Finance

The Minister of Finance is hereby empowered to:

1/ open a special account for the deposit of the fund;

2/ Maintain and administer the Fund’s special account, make disbursements out of the special account for expenditures authorized by the Council of Ministers.

8. Books of Accounts

The books and accounts of the Fund shall be maintained in accordance with the Federal Government of Ethiopia Financial Administration Proclamation.

9. Audit

The accounts of the Fund shall be audited, by the Auditor General, annually.

10. Effective Date

This Proclamation shall enter into force as of the 3rd day of July, 2001.
Done at Addis Ababa, this 3rd day of July, 2001.

NEGASO GIDADA (DR.)
PRESIDENT OF THE FEDERAL DEMOCRATIC
REPUBLIC OF ETHIOPIA