The government of Sierra Leone has announced an upward adjustment to the price of petroleum products in the country.

The announcement followed a joint review between the Petroleum Regulatory Agency (PRA), the Ministry of Trade & Industry and the Oil Marketing companies including National Petroleum (NP), Conex, LeonOil and All Petroleum Products (APP).

According to the PRA, pump prices effective 2nd February 2023 for Petrol, Diesel, Kerosene and Fuel Oil have been adjusted from Nle19.5 to NLe21.5

The Agency, in a statement said the adjustment in the price is a result of the exchange rate of the dollar to the Leone and the hike in international refined petroleum products.

โ€œSince the last review, oil prices have jumped by 15.04% and 9.89% for petrol and diesel respectively. However, as the government will not pass all the costs to the consumers, the price of diesel is still subsidized for the retail market,โ€ the release states.

The agency also notified commercial up-lifters that the policy to pay in USD remains operational.

This becomes the second adjustment in the price of petroleum products in the country, the last review being 4th January 2023.

Recall that President Bio has in a recent interview with AYV said the appreciation of the dollar as against the depreciation of the leones has made it extremely difficult for his government to get supplies of fuel into the country as and when needed.