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The Sierra Leone government has spent more than $8 million on petroleum subsidies in recent months as global oil prices continue to put pressure on the domestic economy, Trade Minister Alpha Sesay said.
Sesay made the disclosure during a national policy hearing on the 2027 financial year budget, where he said the intervention was intended to cushion consumers from the effects of rising energy costs.
“For the past couple of months, government has subsidised over $8 million on petroleum products,” Sesay disclosed.
The minister said the subsidy was necessary to limit the impact of higher petroleum prices on transportation, businesses and households and prevent further increases in the cost of essential services.
Sesay said crude oil prices had risen sharply, citing an increase from $62.24 per barrel in December last year to $105 at the time of his remarks.
“We all know what the implications are when the price of energy goes up. Everything else is affected,” he stressed.
Sierra Leone’s current pump prices are NLe40 per litre for petrol and NLe45 for diesel, according to the National Petroleum Regulatory Authority (NPRA). The prices took effect on Sept. 8, 2026.
The NPRA’s published pricing data also shows subsidies of NLe1.04 per litre for petrol and NLe1.76 per litre for diesel under the current pricing regime.
Sesay said the government’s intervention was aimed at reducing the immediate burden of global petroleum market volatility while broader fiscal measures are considered as part of the 2027 budget process.
The minister warned that continued increases in energy costs could have wider economic consequences because fuel prices affect transportation and the operating costs of businesses and households.
Sierra Leone imports refined petroleum products from international markets, making domestic prices vulnerable to changes in international prices, exchange rates, freight and other supply-chain costs, according to the NPRA.