The Government has announced a reduction in the pump price of diesel, slashing the cost by D5 per litre after injecting more than D150 million in subsidies to shield consumers from rising global fuel prices.

The Ministry of Petroleum, Energy and Mines said the retail price of gasoil (diesel) has been reduced from D120 to D115 per litre.
However, the price of petrol remains unchanged at D112 per litre.

The ministry said the move forms part of government’s efforts to cushion households, transport operators, businesses and other sectors heavily dependent on fuel consumption from the impact of volatile international petroleum markets.

Authorities disclosed that government has committed over D150 million in subsidy support to absorb part of the increased costs associated with global fuel prices and supply chain pressures.

“The reduction in gasoil prices reflects the Government’s commitment to easing the financial burden on households, transport operators, businesses and other productive sectors of the economy,” the ministry stated.

The announcement comes at a time when global fuel markets continue to face uncertainty due to geopolitical tensions and fluctuations in international oil prices.

According to the ministry, the subsidy intervention is intended to maintain affordability while protecting the welfare of Gambians from external economic shocks.

Government further assured the public that fuel pricing reviews are conducted through what it described as a transparent and evidence-based process that takes into account both international market conditions and national economic priorities.

The ministry said it remains committed to working with stakeholders to ensure a stable, reliable and sustainable petroleum sector.

The diesel price reduction is expected to be welcomed by commercial drivers, businesses and consumers who have faced mounting economic pressures amid rising living costs and recurring energy challenges.

By Adama Makasuba