23 C
City of Banjul
Sunday, March 7, 2021

Minority Leader urges gov’t to reduce fuel price

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Speaking on the Assembly floor, he said that the cost of fuel has sharply slumped on the global market, noting that this should be reflected in local prices.  

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“I will urge the government to bring down the pump price of fuel. The current price for fuel has gone down from 150 dollars per barrel to 50 dollars as I am speaking. Therefore, I am urging the government to reduce the pump price because fares were increased because fuel was very expensive. So, if the price comes down, fares should also come down. Given the slump in the fuel price, we should also reduce it in the interest of the masses,” he said. 

According to reports, the price of crude oil has further declined, with the US benchmark falling further below the 50 dollars level, following a global supply glut and a rise by the US dollar.

Reports added that the US oil price fell below the symbolic threshold of 50 dollars per barrel for the first time since April 2009, before finishing the day at 50.05 dollars.

During the presentation of this year’s budget speech, the finance minister, Kebba Satou Touray, told the lawmakers of the government’s plans to eliminate fuel subsidies. He said the government would use that fuel levy of one dalasi per litre for the road fund. Touray said the measure will generate additional revenue estimated at 88 million dalasi for the government. 

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