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The Government of Sierra Leone has attributed the recent rise in fuel pump prices to the sharp increase in global petroleum costs triggered by the ongoing conflict in the Middle East, assuring citizens that the country still has sufficient petroleum supplies and that measures are being taken to cushion the impact.
The update was provided during the Government’s Weekly Press Conference organized by the Ministry of Information and Civic Education, where officials from key economic institutions briefed the public on the situation and outlined steps being taken to stabilize the economy.
Speaking at the briefing, the Minister of Trade and Industry, Alpha Sesay, said the global oil market has experienced significant price increases in recent months due to tensions in the Middle East.
According to him, the Platts Rate-an international benchmark used to determine petroleum prices-rose from 636.4 in January to 686.53 in February, before climbing sharply to 775.83 in March. Minister Sesay explained that the surge has directly affected pump prices in Sierra Leone.
“This sharp increase in global oil prices has affected pump prices in Sierra Leone, with the ripple effects already being felt by citizens,” the Minister Sesay stated during the press conference.
Despite the increase, he assured the public that the Government is closely monitoring the international market and that prices will be reduced once global conditions stabilize.
The Minister further reassured citizens that petroleum products remain available in the country. He disclosed that the current petrol stock is expected to last for about 54 days, while diesel supplies are projected to last for approximately 43 days.
He added that the Government is currently negotiating with Oil Marketing Companies to keep fuel prices at an affordable level in order to reduce the burden on citizens.
The Director General of the National Petroleum Regulatory Authority, Brima Baluwa Koroma, also clarified how petroleum pricing works in Sierra Leone.
Koroma explained that the country imports refined petroleum products rather than crude oil, meaning that several additional costs-including freight charges, commercial levies, and other associated expenses-contribute to the final landing cost of fuel.
He urged citizens to understand that fuel pricing depends on multiple factors beyond the global crude oil price. Koroma further disclosed that maintaining the previous pump price of NLe28.5 could have led to fuel shortages in the country.
He said the adjustment in pump prices was necessary to allow Oil Marketing Companies to operate within the realities of the global petroleum market.
He also noted that Sierra Leone operates what he described as one of the most transparent fuel pricing formulas in the region, adding that the formula is publicly available on the NPRA website.
Koroma said the Authority has reduced fuel prices eight times since 2018, stressing that any decline in global petroleum prices would automatically be reflected in Sierra Leone’s pump prices.
