Fuel price increasing in Gambia, declining in world market Why?

By Rohey Jadama
The pump price for petrol and diesel (gasoil) in the Gambia has beenFuel Pump Prices Increase
on the increase despite the slump in the world market price for crude
oil which is reported to have reduced to 40% since July this year.
According to media reports, the price of crude oil, from which petroland diesel are extracted, is expected to fall further in the coming
months. However, despite this lowering of prices at the level of the
world market, the effect is still not felt in The Gambia in terms of
the reduction of the pump price of petrol and diesel.
For 2014 alone, the prices of both petrol and diesel have increased
twice as at September which was the last time they were increased.
When this reporter visited some filling stations in the Kanifing
Municipality yesterday, Sunday, 14 December, she discovered that the
prices have still not gone down. At the GALP station in Churchill
Town, the pump price for petrol is D58.77 per litre, while diesel is
D56.56 per litre. The Total station at the Buffer Zone is selling
petrol at D58.77 per litre and D56.59 per litre for diesel. As for the
Abuko Elton station, petrol is being sold at D58.77 per litre and
diesel D56.59 per litre.
The last hike was on 1st September 2014, when petrol increased from
D57. 52 to D58.52 per litre and diesel from D54.09 to D55.09 per litre.
The reason why fuel prices in The Gambia remain unaffected by the
slump in world market prices is still unknown  However, Mr. Abdou
Kolley, the then Minister of Finance and Economic Affairs, while
soliciting the approval of the National Assembly for a D300 million
dalasi Supplementary Appropriation Bill for 2013, told the deputies
that the amount of D189 million dalasi will be taken from the 300
million dalasi to finance, through the gradual increase, the petroleum
pump price to ensure the near elimination of the subsidy by the end of
2013.
Foroyaa will enquire from the Ministries of Finance and Energy, as
well as importers and suppliers as to what is responsible for this
upward trend in the prices of both petrol and diesel.