The government of The Gambia has announced on Saturday night that it is reducing fuel prices in the country, effective Monday, February 1.
Despite the incredible slump in the price of fuel around the world, The Gambia has maintained the previous price.
The press release reads:
As part of the developments in the global market prices in Petroleum Products, the government of The Gambia through the Ministry of Finance and Economic Affairs has reviewed these developments and their potential impact on the domestic economy.
The outcome of the review indicates that after the decline of the global oil prices to under US$30 as of January 2016, the Ministry consider it necessary to reduce the domestic pump prices in order to transfer the gains of falling global oil prices to consumers and citizens.
In light of this, the Ministry is hereby informing the general public that the domestic pump prices of PMS (Petrol), AGO (Diesel) and KEROSINE will sell at D53.77, D49.59 and D46.09 respectively with effect from Monday 1st February, 2016.
This represents a decline of 8.5, 12.4 and 14.0 per cent for PMS, AGO and KEROSINE respectively from their previous month levels.
Oil marketing companies are hereby advised to adhere to the above mentioned prices.
The ministry will continue to monitor developments in the global oil market and make appropriate adjustments as and when necessary.