By Alusine Fullah
The Government of Sierra Leone through the Petroleum Regulatory Agency (PRA), the Ministry of Finance, the Ministry of Trade and Industry and oil Marketing Companies has agreed to increase the prices of petroleum products in the country from Le22, 000 to Le25, 000. The new pump prices will be effective today 1st August 2023. The Petroleum Regulatory Agency (PRA) made this announcement in a press release issued this evening.
Under the new adjustments, the pump prices for petrol, diesel, kerosene, and fuel oil has been set at NLe25. 000 for the public.
This decision comes in response to the recent surge in international refined petroleum prices and the impact of exchange rate fluctuations. Market prices for fuel have risen by over 20% since the last review, prompting the need for adjustments. Despite these increases, the government has made efforts to alleviate the burden on consumers in the retail market by continuing to provide substantial fuel subsidies.
Additionally, the policy remains in place for commercial up-lifters to pay in USD, with strict monitoring to ensure compliance. The authorities aim to maintain stability in the petroleum sector amidst the prevailing challenges.
An increase fuel price is not new in Sierra Leone. It happens all the time; every few months or so, Sierra Leone experiences a fuel crisis with the attendant rise in food prices, transport, “blackouts”, water shortage and a government left with egg on its face.
