Somali Cabinet to present Petroleum Trade Administration Bill
1 min read
The Somali government’s Ministry of Petroleum says it will soon present the country’s Petroleum Trade Act to the Council of Ministers.
The director general of the ministry Mohamed Hashi Arabey said that the oil currently used in the country is controlled by few business groups, but during the previous government, the oil was managed by the Petroleum Agency and was in charge of distribution.
He added that oil prices in Somalia have risen sharply due to the rising value of the dollar and imports.
Finally, the Director General of the Ministry, Mohamed Hashi Arabey, has drafted a law on the use of the oil system, such as licensing of companies trading in various types of fuel.
The Somali government has for the past few years been pursuing a plan to extract oil from the country, so that the Somali people can have access to low-cost fuel for the community.
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