The Gambia government through its Ministry of Petroleum and Energy has assured energy security amid global fuel price hike.
According to the Ministry statement, the “Ministry of Petroleum and Energy Press Release (of) May 2022 Retail Fuel Pump Price, Further to the monthly fuel price structure announcement for May 2022 The Government of The Gambia continues to monitor international fuel prices for the last few months. Several factors have adversely affected Global Commodity markets pushing the cost of fuel importation (shipping, premiums, etc) higher.”
“The increase in fuel prices is across the globe and even the fuel producing nations are witnessing price increase shocks hence 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,” the statement noted.
“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 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 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 normalisation of the geopolitical situation, the government would like to assure the public and businesses that various measures will still be in place to ensure; that Energy security Sustainable Retail fuel prices. 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 statement concluded.