Page 10 - DMEA Week 23 2022
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DMEA FUELS DMEA
Liberia pledges to make few
changes in fuel prices this month
AFRICA LIBERIA’S Ministry of Commerce and Industry To this end, it said, the Ministry of Commerce
said in a statement on June 3 that it did not intend and Industry has been working with importers
to make any drastic changes in the domestic fuel with the goal of loading Liberian inventories
pricing regime before the end of this month. with enough petroleum products to cover about
In the statement, the ministry explained that two months’ worth of consumption. It did not
it would keep gasoline and jet fuel prices at their comment on the success of these efforts but said
current levels until the end of June and would it “appreciates those fully executing their supply
make a slight reduction in the price of diesel mandate as licensed importers of [fuel]”.
fuel. It did not say exactly how large this price Additionally, it said it would continue to
cut might be. inform the public as the situation unfolded.
The ministry stated that it had decided It is not clear that the ministry’s statement had
against making major changes in the pricing the desired effect. Front Page Africa reported on
regime in view of the “disruptions to the global June 7 that while Liberian fuel inventories did
supply chain posed by COVID-19 and now the appear to be filling up, local consumers were
subsequent Russia-Ukraine war, which greatly also complaining of supply shortages, rising fuel
affects cost of freight and sourcing of commodi- prices and knock-on effects, such as inflation
ties from international suppliers.” Despite these in other sectors of the economy. Licensed fuel
challenges, it added, the government is commit- importers are widely suspected of not upholding
ted to ensuring that the country has adequate their promises to deliver gasoline and diesel to
supplies of fuel and other essential commodities. retailers, it added.
PETROCHEMICALS
Turkey’s Ege halts output citing raw
material prices, sinking demand
MIDDLE EAST TURKEY’S Ege Gubre (EGGUB) has suspended bans to a total of 38 agricultural items.
compound fertiliser production for an indef- Input prices in the fertiliser industry have
inite period of time due to global raw material increased by 700-800% while fertiliser prices
prices and demand conditions, the company has have risen by 200-300%.
confirmed. Spring’s barley and wheat sowing in Turkey
Domestic demand contracted even ahead fell due to record input prices led by fertiliser
of Ege’s budget forecasts. The company said it prices.
would continue its fertiliser trading operations. Izmir-based Ege Gubre has an annual pro-
Turkey’s chemical fertiliser consumption is duction capacity of 306,000 tonnes. It also
expected to fall to 5-5.5mn tonnes in 2022 from imports fertiliser and has a port.
6.4mn tonnes in 2021 and 7.1mn tonnes in 2020, In 2021, it produced 118,000 tonnes, up from
BloombergHT reported on June 2. 115,000 tonnes in 2020, and sold 154,000 tonnes,
Some other fertiliser producers have also down from 264,000 tonnes in 2020.
temporarily ceased operations this year due to Ege Gubre is owned by Gencer Hold-
Turkey’s export ban and low domestic demand. ing, which also owns fertiliser maker Bagfas
As of April 25, Turkey was applying export (BAGFS).
P10 www. NEWSBASE .com Week 23 09•June•2022
