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Int’l oil market price down by 30%, says Hamat Bah

Nov 25, 2014, 10:04 AM | Article By: Njie Baldeh

Hamat Bah, leader of the National Reconciliation Party (NRP), has said the price of oil at the international world market has gone down by 30 per cent since July.

The NRP leader, who was speaking at a press briefing recently, said the price started falling from $100 to $78 in recent times.

However, even though the price of oil had gone down by about one-third, “up to this moment Gambians have not started enjoying the benefits of that price fall”.

The NRP leader went on: “We are still paying the same pump price, one of the most expensive you can find in the world.

“I would have believed, as other countries are doing, that when the price goes up we increase; when it goes down we reduce, as that would impact positively on the economy because it would increase the purchasing power of Gambians.”

This would also help companies to survive to sustain themselves by making sure they do not go out of business, he continued.

“It helps them to maintain their generators, in the absence of NAWEC power supply, and helps them to maintain their vehicles in the absence of very expensive fuel prices, and they would make savings,” Bah added.

According to the opposition leader, “Gambians are still suffering when there are other countries benefiting; the price of oil remains as it was when the oil was over $100.”

“We urge the Gambia government to do what other countries are doing by reducing the price of oil in the country. The price of oil has gone down, so we cannot continue to afford it and we cannot continue paying the same price,” Bah declared.

According to Hamat Bah, the price is still coming down because of two main reasons: There is weaker demand in the global market making the price go down; when the growth of economies in the world slows down, the price will go down.

“For the time being we do not expect any of the international big economies to go up,” he added.

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