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Pump prices of fuel reduced

Feb 1, 2016, 11:13 AM

The Ministry of Finance and Economic Affairs has decided to reduce the pump prices of fuel, with effect from today 1st February 2016.

The Ministry stated in a press release aired by State TV at the weekend, that domestic pump prices of petroleum, diesel and kerosene will sell as follows:

Super, sold at D58.77, is now D53.77, which represents 8.5% reduction; diesel sold at D56.59, is now D40.49, which represents 12.4 %; kerosene D53.59, is now D46.9, which represents 14.0%.

“Prices will be applicable as from 1st February 2016,” the release stated.

It said further that the Gambia government through the Ministry of Finance and Economic Affairs “has been reviewing developments in the global market prices of petroleum products and their potential impacts on the domestic economy”.

The release stated that, after the decline of global economic price which is US$30 as at January 2016, “the Ministry considers it necessary to reduce domestic pump prices in order to transfer the gains of falling global oil pump prices to consumers and citizens in line with global developments”.

“All marketing companies are, therefore, urged to stick to the prices mentioned,” the release added.