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The Leader of the Opposition in Parliament, Abdul Kargbo, has raised concerns over the recent increase in fuel prices announced today, attributing the surge to underlying economic issues rather than global market trends alone.
Hon. Kargbo noted that in 2008, when global oil prices peaked at approximately $147 per barrel, Sierra Leone maintained fuel prices at around Le 3,500 per litre, supported by a relatively stable exchange rate.
In contrast, he observed that current global oil prices range between $100 and $110 per barrel, significantly lower than the 2008 peak, yet fuel is now being sold at approximately Le 35,000 per litre across the country.
According to the Opposition Leader, the stark disparity highlights systemic economic challenges, including exchange rate depreciation, poor fiscal management, and weak policy implementation.
He emphasised that these factors, rather than international oil prices alone, are largely responsible for the high cost of fuel currently being experienced by citizens.
Hon. Kargbo’s remarks come amid growing public concern over the impact of rising fuel prices on the cost of living and economic stability.
