Gov't says several factors render high fuel cost

May 5, 2022, 11:54 AM | Article By: Pa Modou Cham 

The Ministry of Petroleum and Energy has released  that several factors have adversely affected Global Commodity markets pushing the cost of fuel importation (shipping, premiums, etc) higher.

A statement released by the ministry showed the increase in fuel prices across the globe with fuel-producing nations witnessing price increase shocks. The ministry therefore points out that The Gambia cannot be an exception. 

"As the war in Europe continues and the response to sanctions against Russia which is also a major oil supplier and distribution hub, the global fuel supply system has continued to face tight supply conditions as well as several uncertainties with global implications. Oil prices over the last few months continue to demonstrate high volatility having a trickle-down effect on Platts prices used to benchmark prices for refined fuels which have now been above $1000/MT/ $100/MT for both Diesel (AGO) and Petrol (PMS) during the last two months pricing period." 

Prior to this unmitigated peak owing to global supply constraints, the release stated that the government of The Gambia will continue to mitigate these external pressures on the pump price by absorbing some shock. However, with no certainty on the normalization of the geopolitical situation. 

The government assured the public and businesses that various measures will still be in place to ensure energy security; sustainable retail fuel prices and long-term price stability. The government continues to absorb the high volatility by reducing the supposed prices from D70.52 to D69.52 for PMS and D75.78 to D64.78 for AGO. 

"This is geared towards easing the effects of the price hikes on the general public, especially during this extended holiday period. The Government thanks the public for their understanding and continued support."

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