Seedy Sheriff Ceesay, Chief Executive Officer (CEO) for Coastal Security and Coastal Enterprise has said that Oil Marketing Companies should not be allowed to hold the government to ransom, adding that they have always wanted to have extraordinary power over the supply and price of fuel.
It could be recalled that Oil Marketing Companies (OMCs) last week warned that they would not be selling fuel on 17 October 2022.
He noted that the government should open up the sector and allow for more competition, saying if the government has to negotiate; it should negotiate with suppliers on a one-to-one basis and not with the group.
He added that while doing that, the government should review its subsidy policy critically and look at other options in respect of moderating the effect of high prices on the most vulnerable.
"The issues raised by the OMC's are best resolved through consultation, engagement and collaboration with the government," he stated.
He pointed out that despite a boost in activity as Covid-19 infestations drop worldwide, global growth is projected to remain subdued in the second half of 2022, before slowing further in 2023 to an annual growth of just 2.2%.
According to him, the world economy is paying a high price for Russia's unprovoked, unjustifiable and illegal war of aggression against Ukraine, adding that with the impacts of the Covid -19 pandemic still lingering, the war is dragging down growth and putting additional upward pressure on prices, above all for food and energy.
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Inflationary pressure is broadening out beyond food and energy almost everywhere, with businesses throughout economies passing through higher energy, transportation and labour cost, he said.
He added that governments around the world are determined to bring down inflation, including The Gambia government.
"The policy moves that we have seen in advanced economies are affecting economic, social and climate goals. They are hitting the poorest the hardest," he posited.
He added that there is no alternative to the government's plan to combat the global economic tempest caused by Covid-19 and Vladimir Putin's war in Ukraine. "The government cannot give in to the voices of decline. Growth means more money in people's pockets and for businesses creating jobs. Growth means people can feel secure and plan for their future. Fundamentally, it enables people to fulfill their hopes and dreams."
