There is correlation between high taxation and high cost of importation of goods and the low profit margin of a company, if prices of commodities remain the same. The Oil Marketing Companies are claiming that they are selling oil for the Gambian dalasi but the foreign currency, the dollar, has appreciated against the dalasi thus reducing their profit margin when they want to purchase more oil. They also argue that taxation increase is impacting on their profit margin. They argue that the state of play is making their companies unprofitable. They threatened that by Thursday they will withhold sales.
Foroyaa has received a press release from PURA stating that they have mediated and the matter is now resolved. Foroyaa will reach out to the oil marketing companies.
