Fuel cost in Sierra Leone has been spiralling out of control in the last few years which has so much affected the economy.

The increase in the cost of fuel has produced a level of hardship for the people, as prices for all manner of goods and services marched higher. When fuel price increased, public transport went up which in turn sparked hike in food prices and other commodities.

This has being a problem for quite some time in the country and all efforts of the Government to stabilize the fuel crisis has failed.

It is in that backdrop the Native Consortium, a group that advocates for economic reforms and equality, speaks in a Press Release, for the ears of the President, as it proffers better solutions to the problem.

Read Press Release below:

PRA, OIL MARKETES & BANK GOVERNOR OWE SIERRA LEONEANS A PUBLIC APOLOGY FOR THE PERSISTENT ARTIFICIAL PATERN OF SCARCITY THAT SIERRA LEONEANS ARE BEING PUNISHED WITH EVERY WEEK AFFECTING THE FESTIVE CELEBRATIONS. NATIVE CONSORTIUM PROVIDES PRESCRIPTION TO VANISH THE LONG QUEUES BUT CALLS ON H.E PRESIDENT BIO TO PAY ATTENTION TO THE 3 WEEKS OF DISCOMFORT SUFFERED BY THE PUBLIC TO IMMEDIATELY SET UP AN INDEPENDENT TASK FORCE TO FIND A LASTING SOLUTION OR ELSE THE WORST IS COMING BETWEEN NOW AND JUNE 2023

FUEL PRICE REDUCTION IN THE WORLD MATKET SHOULD TRADE-OFF FOR THE DEPRECIATING LEONE. THEREFORE, ANY FURTHER PUMP PRICE INCREASE IS UNACCEPTABLE & UNWELCOME

_Uncovering the Problems & Solutions of the Petroleum Triangle (3 Players) in the Down-streaming (Petrolium) sector_

1. The Trade Minister & PRA
Firstly, the Consortium wishes to tell the Trade Minister and the PRA that they have failed the nation for not showing leadership and we demand a public apology for this huge discomfort the nation is going through. Without an apology and commitment to provide a sustainable solution, Sierra Leoneans are demanding their sacking because this artificial scarcity never happened by accident. It started by months early this year, and graduated to weekly crises and only Sierra Leonean that is faced with this menace even Ukraine or Junta lead Governments like Mali, Guinea and Bukinafaso are not going through this mess. The Trade Ministry through the PRA failed to think out of the box (Plan B) to cushion the crises, and the Consortium has long seen the shadows of the coming event we warned over the media and our audios on social media but the PRA and Trade minister have been playing ball with the Oil marketers. Now the PRA has become too weak to deal with any Dealer hoarding fuel.

2. Oil Marketers & Dealers

The Consortium has seen the release from the np Ltd. The Consortium wishes to inform the public that the statement from np Ltd is a mere gimmick to shift the blame. Rather, the artificial scarcity is created by them (Oil Marketers) led by np Ltd, Leone Oil Ltd & Conex Ltd because they want the price hiked further upwards. The Oil marketers know so well that the Leones have been relatively stable staggering between Le 1, 800 to Le 1,850 for $ 100 with no further depreciation. The price has been reduced in the world market by 15%, with Russia being sanctioned to sell at $ 60 per barrel. This reduction is supposed to be reflected on the pump price locally, or worse, serve as a trade-off to offset the Leones depreciation effect. But the oil marketers have chosen to play their age old trick to suffocate the public to accept the price increment. Let me inform you, Sierra Leoneans have suffered enough, therefore they wonโ€™t accept any further price increment.

3. The Central Bank Wahala & Forex jigsaw

The Consortium has long called for the resignation of the Bank Governor for his lackluster monetary policies amongst its moribund Monterey policies like; runaway inflation, liquidity crises, breakneck speed of the depreciating Leones to name but few. But State House has failed to listen. One of the poor monetary policies is when the Bank Governor makes it a directive for marketers to lodge the Leone in one account before the Central bank can transact in forex. This is a wrong policy. The Central Bank should recalibrate its strategy to meet ever increasing challenges of the market.

NCRC POSITION & ROADMAP TO VANISH THE QUEUES & ARTIFIAL SCARCITY FOR THE NEXT ONE YEAR.

_(a) AN INDEPENDENT TASK FORCE WHOSE MANDATE (TOR) IS TO SANITIZE THE DOWNSTREAM SECTOR AND ENSURE SIERRA LEONEANS DON’T FACE THE QUEUES IN THE NEXT 1 YEAR_

_(b) THE GOVERNMENT SHOULD MOVE ITS OWN IMPORT MECHANISM WITH THE 60,000 METRIC TON STORAGE TANKS AVAILABLE AT APP SL Ltd JETTY AND STATE OF THE ART GANTRY TO PROVIDE PLAN B AWAY FROM THE EXISTING CARTEL _

_c) THE CONSORTIUM WISHES TO STATE THAT OIL PRICE HAS PLUMMETED IN THE WORLD MARKET. INFACT THE CONSORTIUM EXPECTS THE PRICE TO REDUCE TO LE 18 PER LITER. SO THE LEONES DEPRECIATION SHOULD OFFSET FOR ANY INCREMENT IN THE PUMP PRICE OF FUEL THIS MONTH OR EVEN JANUARY 2023._

END

_Signed Edmond Abu_
CEO
+232 76 617240
+ 1 609 540 5757″