The Director General of the National Petroleum Regulatory Authority (NPRA), Brima Baluwa Koroma, has cautioned petroleum dealers against engaging in anti-competitive practices, stressing that the petroleum industry now operates under a competitive market system.

Speaking on the current pricing regime, Koroma explained that the sector is no longer a monopoly, but one with multiple competing firms, making it unfair and illegal for operators to act as a single entity in controlling market prices.

He disclosed that the recent adjustment of the price ceiling by about NLe 1.1 was deliberately designed to provide flexibility, allowing dealers to sell petroleum products at any price below the approved ceiling, based on their individual operational costs and competitive strategies.

According to him, operators are expected to compete fairly and independently, rather than tacitly stopping competition and cooperating to manipulate market conditions.

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“Any attempt by operators to act collectively to influence prices amounts to price fixing and cartelisation, which is illegal and punishable under the law,” Koroma warned.

He emphasized that such practices are in direct violation of Section 54 of the NPRA Act of 2025, which strictly prohibits anti-competitive conduct within the petroleum sector.

The NPRA Director General assured the public that the Authority will closely monitor market activities and take decisive action against any dealer or company found engaging in illegal price manipulation, noting that the objective of the new pricing framework is to promote fair competition, protect consumers, and ensure market transparency.