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The Director General of the National Petroleum Regulatory Authority (NPRA), Brima Baluwa Koroma, has said that maintaining the previous pump price of Nle28.5 would have put Sierra Leone at risk of fuel shortages.
Speaking to the public, DG Baluwa explained that the adjustment in pump prices was necessary to allow Oil Marketing Companies to align with prevailing global market conditions.
He emphasized that Sierra Leone imports refined petroleum products, not crude oil, and that these products include additional costs such as freight charges, commercial levies, and other expenses, which together determine the landing cost at the country’s ports.
“The public should understand that fuel pricing is influenced by several variables beyond the price of crude oil,” DG Baluwa said, highlighting the complexity of fuel pricing in Sierra Leone.
He reassured citizens that Sierra Leone operates one of the most transparent fuel pricing formulas in the region, noting that the formula is accessible to the public on the NPRA website.
DG Baluwa further reminded the public that the NPRA has reduced fuel prices eight times since 2018, crediting this to the Authority’s transparent pricing mechanism. He added that once the situation in the Middle East stabilizes and global prices decline, these changes will be reflected in Sierra Leone’s pump prices.
He encouraged citizens to follow updates from the Ministry of Information and Civic Education, the Ministry of Trade and Industry, and the NPRA for accurate and reliable information.
