The Ministry of Finance and Economic Affairs (MoFEA) has published a press release announcing the reduction of fuel prices by D2 for both Petrol and Diesel. This is the first time that fuel prices have gone down in the year 2022, so far.
Previously the highest fuel increase was in July when fuel prices increased by D9.2 per litre for Petrol and D9 per litre for Diesel. On the other hand, the lowest price increase was in August when Petrol increased by D1.1 per litre and Diesel increased by D1.2 per litre.
According to data compiled by Gainako from Atlas and the Gambia Government, fuel prices have increased for every single month in 2022 so far apart from March, June and September when prices stayed the same in the preceding months.
Below is the press release with a chart compiled by Gainako on Fuel prices for the entire year.
The Ministry of Petroleum and Energy through its stakeholders published the October 2022 Fuel Price Structure to be effective from the 1st of October 2022. After months of price hikes caused by several factors including global supply chain disruptions and geopolitics of the world, the global oil prices are showing
a marginal decline in recent days.
Government, in consideration of the decline in global oil prices, has decided to reduce the pump prices by D2 per litre. This will help ease the burden on the general public. The recently announced Price Structure will now be as follows:
– PMS: D 77.89 per litre (Petrol)
– AGO: D 73.00 per litre (Diesel)
While government continues to subsidies the pump price for diesel, we hope that global oil prices may soon stabilize. Thus, the government will continue to monitor oil prices and any further reduction will be passed on to consumers in the country.
Government takes this opportunity to thank our stakeholders and private sector players for the continued support and understanding as we all journey through these trying time.
Below is a link to Gainako’s September 2022 Publication on Fuel Prices.
Finance Minister and Transport Union President Speak on September 2022 Fuel Shortage