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HomeBreaking NewsGAMBIA: AN INSIDER EXPOSES A NEW PETROLEUM CARTEL WITHIN THE INDUSTRY

GAMBIA: AN INSIDER EXPOSES A NEW PETROLEUM CARTEL WITHIN THE INDUSTRY

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The OPEN GAMBIA PLATFORM received allegations from several petroleum industry stakeholders that the president, his First Lady (Fatoumata Bah Barrow), and associates are operating a Cartel monopolising the petroleum market, which is leading many local independent traders to bankruptcy and keeping the price of fuel high.

They alleged that the hijacking of the petroleum market not only discourages competition, leading to high prices, but it carries the potential of encouraging the dumping of poor quality fuel dominating the supply chains because the influence of the executive breaks the oversight authority of PURA, the regulatory agency for the industry. The check and balance mechanism is put in place to prevent malpractice.

The Petroleum insider questioned whether we have another Muhammed Bazzi and Dictator Jammeh in town, referring to the alleged partnership between a Lithuanian businessman (Aurimass) and President Barrow with his associates that forms the new Petroleum Cartel in control of the Petroleum market! They alleged that the new monopoly is reminiscent of when Dictator Jammeh, Amadou Samba and the Lebanese businessman Mohammed Bazzi operated the Petroleum cartel monopolising the Market.

They are making people wonder if that’s why the president orchestrated the appointment of Yerro Jallow, his childhood friend, to run the affairs of Gampetroleum.

Some industry stakeholders complained that the President’s Cartel’s control of Gampetroleum, a once profit-making business, is bringing the company to its knees because no oil company can bring products into the country to store at the storage facilities as Oil marketing companies were forced to buy fuel from Apogee, the company owned by the Lithuanian businessman.

Some Gampetroleum staff have expressed their surprise at seeing the management allowing petroleum products from a Lithuanian dealer, who wasn’t allowed to use the Gampetroleum facilities. They were wondering what had changed lately. Until they received anonymous information from the senior level Management informing them that the President’s Cartel was influencing management decisions, controlling the board of directors and the Managing director.

The First Lady (Fatoumata Bah Barrow) is alleged to be the most influential decision-maker because she’s dealing directly with Ebrima Jabbie, the country agent for an Eastern European national ( called Aurimass). Ebrima Jabbie is said to be handling the financial payment of the monetary kickback to the First Lady.

Gampetroleum insiders reported their Managing Director (Yerro Jallow) will be travelling with Aurimass country agent (Ebrima Jabbie) to Dubai and Saudi on the 21st of September for a business trip. The sole purpose is to arrange business deals for the cartel to continue operations as the Lithuanian dealer is not meeting Gampetroleum storage capacity, and he might not meet future national demand for fuel. They ask the question, Why should a storage facility manager be involved in marketing? We know that some National oil marketing companies have tried several times to import quality petroleum products at competitive prices for the country. Still, they kept getting blocked by the president’s Cartel. Making them wonder if the President is supporting the Cartels’ monopoly of the markets to

continue building his family’s generational wealth before his retirement and ignoring the suffering of his citizens?

The Cartels’ monopoly of the Petroleum industry has killed off the Gampetroleum facilities. The staff at the depot are demoralised. The Malians, the biggest importer of Petroleum products from the Gambia, plan to move their businesses to Dakar because our markets are no longer competitive. Leading to a significant loss to the country’s foreign currency earnings and a considerable loss of financial revenue from tax and affecting employment growth.

The Petroleum industry contacts wonder what will happen with the Local Oil Marketing companies as the government deliberately kills their businesses. Jah Oil, oryx, Staroil, etc., are all complaining because they are forced to buy what is available at a price stipulated by the Ministry of Finance.

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Article contributed by Esteem Follower 19/09/2023!

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