The Gambia’s Ministry of Petroleum and Energy has published a press release on the price hike of Fuel for July 2022. According to the statement, Government has foregone revenue from petroleum products to reduce the burden of the fuel price increase. According to the statement, fuel prices would have been D92.95 (Petrol) and D94.11 (Diesel) instead of D78.76 (Petrol) and D73.78 (Diesel) respectively. This means that the Government will be losing D14.19 (Petrol) and D20.33 (Diesel), respectively for every litre sold.
According to Atlas Energy Ltd now known as Oryx Energies, fuel prices for June 2022 were D69.52 (Petrol) and D64.78 (Diesel). When the difference is calculated between June and July 2022 it can be seen that fuel has increased by D9.24 (Petrol) and D9.00 (Diesel) between the start of June 2022 and July 2022. Our research has revealed that PMS is Petrol and AGO is Diesel. Below is the press release from the Ministry of Petroleum.
By the Ministry of Petroleum and Energy
The general public is hereby informed that there has been an adjustment in the retail fuel prices for the month of July 2022, following an increase in global fuel prices as a result of logistic challenges/ supply chain disruption caused by the continuance of the Ukraine-Russia war.
It is important to note that the fuel prices for the month of July would have been PMS D92.95 and AGO D94.11. The government has adjusted these prices to acceptable figures considering the interests of all the players in the value chain. This is to maintain trust and to keep businesses thriving during these trying times.
The government has forgone all its revenue from petroleum products and agreed with the oil marketing companies to also reduce their margins in order to reduce the burden of the fuel price increments on the general public.
With these efforts, the calculated pump price for PMS is D78.76 and AGO D73.78 respectively.
The government reaffirms its commitment to ensuring that fuel is accessible and cost-effective for the general public. The government also seizes this opportunity to thank all the players in the petroleum products supply chain for their relentless efforts in ensuring that fuel products are sourced for the continued supply in The Gambian market.
As we approach the festivities of Eid, we wish you all a joyous Eid Al-Adha