- NPRA Reveals
Freetown —
Director General of the National Petroleum Regulatory Authority (NPRA), Brima Baluwa Koroma, has issued an important clarification regarding the recent fluctuations in fuel prices in Sierra Leone. Addressing concerns among the public, he explained that the rising fuel costs are primarily driven by serious global disruptions in trade routes, especially within the Middle East, which have severely impacted oil supply chains worldwide.
According to Director General Koroma, these disruptions have escalated marine insurance premiums and importation expenses, further pushing up the cost of petroleum products across the globe. Sierra Leone, like many other countries, is facing increased fuel prices that reflect these international market challenges.
In response to this difficult global climate, the Government of Sierra Leone acted swiftly and responsibly by reintroducing fuel subsidies aimed at cushioning the impact on citizens and businesses. The subsidy is estimated to cost approximately USD 2 million monthly, reflecting a significant financial commitment from the government to protect its people.
Without this crucial government support, the pump prices for fuel would have been significantly higher. Estimates indicate that petrol prices would have surged to NLe 37 per litre, diesel to NLe 44 per litre, and kerosene to NLe 44.3 per litre. However, thanks to the timely reintroduction of the subsidy, Sierra Leoneans have been spared the full brunt of these price hikes.
The NPRA has commended the government for this vital intervention that demonstrates a proactive approach to managing the economic pressures faced by the nation. Furthermore, the Authority extends sincere appreciation to its own staff under the leadership of Director General Brima Baluwa Koroma for their steady and professional management of the petroleum sector during these challenging times.
Under DG Koroma’s guidance, the NPRA continues to work diligently to ensure fair pricing, maintain a reliable fuel supply, and safeguard ordinary citizens and businesses from extreme price volatility. This commitment to transparency and dedication has earned the trust and gratitude of the people of Sierra Leone.
As the global oil market remains volatile, the NPRA reiterates its pledge to monitor fuel prices closely and keep the public informed, aiming to uphold stability and fairness within Sierra Leone’s petroleum industry.
