NPRA Holds Strategic Meeting with IMF Delegates on Petroleum Industry Regulation

The National Petroleum Regulatory Authority (NPRA) has held a strategic meeting with delegates from the International Monetary Fund (IMF), led by Technical Assistance Advisor Seydou Coulibaly, at the British Council building in Freetown. The meeting focused on import duties, retail petroleum prices, revenue generation within the industry, and the overall operational framework of the NPRA over the past six years, including the critical transition to its current form.

Director General of the NPRA, Brima Baluwa Koroma, highlighted that the petroleum industry in Sierra Leone is being efficiently and economically regulated, positively impacting the livelihoods of average Sierra Leoneans by restoring fairness and transparency in the sector. This has built confidence among both domestic and foreign investors in the country’s petroleum industry.

Koroma acknowledged the significant contributions of the World Bank and IMF to the petroleum sector in Sierra Leone. He noted that the industry previously relied on an obsolete pricing formula that had existed for decades and contained elements unfair to end users. He emphasized that many of the strategic recommendations proposed by the IMF have not only stabilized the petroleum market but have also sustained consistent revenue growth. This progress has enabled the government of Sierra Leone to make informed decisions regarding economic growth, social contributions, tax policy, economic structure, and industry reforms.

Furthermore, Koroma explained that in alignment with the World Bank and IMF, the NPRA conducted an official pricing review formula in 2024, involving important stakeholders and encouraging more oil marketing companies to compete, as well as the expansion of gas stations throughout the country.