PRA Announces New Fuel Pricing Regime, Reduces Pump Prices

Petroleum Regulatory Agency (PRA) of Sierra Leone has announced a new pricing regime for petroleum products. This development follows an extensive review of the 30-year-old fuel pricing structure, conducted in collaboration with the World Bank and other relevant stakeholders.

The revised pricing regime introduces several key changes aimed at better reflecting market dynamics and the cost of production and consumption across different fuel types. These changes are designed to ensure that final retail prices more accurately represent the differences in market signals for various fuel commodities.

The new regime acknowledges the distinct demand-supply dynamics and cost variations in production and consumption for different fuel types. Consequently, the final retail prices will now vary according to these differences.

The pricing benchmark has been shifted from the FOB Mediterranean to West African benchmarks. This adjustment aims to align Sierra Leone’s fuel prices more closely with the appropriate importation realities for the region.

The import premium will be based on a review of import invoices to determine the cost of importation, subject to annual revisions. Notably, allowances for ocean losses have now been included in the pricing structure.

The component for other charges has been significantly reduced from USD 13.6 to USD 7.3 per metric ton, with some charges being entirely eliminated.

Replacing the stabilization funds, this levy will address discrepancies between the regulated price and the actual cost of imported fuel.

Since the last review in March 2024, international oil prices for petrol, diesel, kerosene, and fuel oil have declined marginally by 2.20%, 6.14%, 3.59%, and 1.83%, respectively. The exchange rate of USD to SLL has also remained relatively stable, with an average appreciation of 0.54%.

Effective midnight on June 30, 2024, the approved pump prices for July 2024 are set as follows:

Petrol: NLe 28.50
Diesel: NLe 28.50
Kerosene: NLe 27.40
Fuel Oil: NLe 25.30

These prices will remain in effect until further revision by the PRA.

Comment(s)

Disclaimer: Comments expressed here do not reflect the opinions of Sierraloaded or any employee thereof.

| 2024-07-02 07:42:29

Thank you Mr president I really appreciate your efforts 👏 but please reduce the other commodities as well and also monitor price controls in this nation
| 2024-07-01 14:42:41

Bo nah still rubbish bo
| 2024-07-01 09:55:27

Everyone one will be acceptable for what you have done Salone leaders una try nor more
| 2024-07-01 09:29:52

D fuel price 4 go down to sl 24 bo
| 2024-07-01 09:26:54

Wae D fuel price 4 go down to sl 24 bo
| 2024-07-01 08:37:48

Aaaa Salone😓
| 2024-07-01 08:14:34

When it comes to addition they in 5 but reduction they add reduce cent hmmm I don't known who is fooling who here.
| 2024-07-01 08:03:37

Data reduction please
| 2024-07-01 08:01:56

Thank you so much Mr president. Now you have reduced the price of fuel but the consumable goods are still in the same place and there is no reduction WHY?
| 2024-07-01 07:47:23

Why not 15 Leone?
Foday M L Sheriff | 2024-07-01 07:45:58

Reduction of the ⛽ price is good. Thank you Mr government, but the difference between the old price, and the new price is too small. From 13.6 to 7.3 why we 🇸🇱
| 2024-07-01 07:27:10

honestly, Government doesn't sick the interest of Sierra leonean. The cost prize speak
MSM | 2024-07-01 07:21:21

As fo4 me r go say Alhamdullilah, bcuz changes day occurs in a process(systematic) If u pull Nle1 per Nle1000 inh nor go be call again Nle1000. But papa government duya una go day know watin una go day eat, when fo4 eat am en how fo4 eat am, bcuz way una kin wan add price per fuel if una nor add nle3 una go add nle4/5 en una kin do am fast fast by adding price to the petroleum na dis kontry. Una memba say una sef get sympathizers dem also way they feel the pinch. Nor to way u get election den u starve u sef fo4 please u sympathizers dem. We sef kin see d kind moni way party A en Party B kin scatter during the election process na dis kontry inh nor kind eba small. So we day hope for see the reduction of petroleum prices go fast fast papa government. En una get for knw say na una be the Papa for Mama salone, bcuz na una day lead am. Na inh make den kin always say PAPA GOVERNMENT. MAMA SALONE 🇸🇱 So if una day treat una own wife so, memba say if the wife swear u, hmmm 🤔na u own alakie reach so. Nor hard feeling Regards MSM.
| 2024-07-01 07:20:00

The reduction is good and that is what we need but why when price is added always is either by Nll 4 or Nll 5 but when reduced is by Nll 1 or Nll 1.50, according to the analysis to the stability of the dollar price should be reduced to as low as Nll 24 or Nll 25
| 2024-07-01 07:17:27

Some Sierra Leoneans are hardly to satisfied we appreciate it even if is a reduction of 50 cent thanks you Mr Government
| 2024-07-01 06:40:07

It's good to reduce prices of fuel, but we need more reduction for a better Mama Salone.
| 2024-07-01 06:28:19

It's better they leave it as it is
| 2024-07-01 04:27:04

So what we be the fuel price per liter ?.
| 2024-07-01 03:08:30

That nice please we are awaiting to see more reduction in the fuel pricing
| 2024-07-01 01:34:31

It doesn't make any difference, let them just leave it the way it is, it ok by we, it a shame for them to come publicly and announce that they reduce just 1,500 old leones, even a bigger can it, twwwwwwwwwww.
| 2024-07-01 00:01:09

Yes this is what we want
Mohamed a Koroma | 2024-06-30 23:40:56

A Sierra Leone 🇸🇱 our leaders are whacked, instead of 15 Leone or 17 Leone now just subtract 1.5 Leone only. Now if you're paying for something like 13.6,now reduce the price to 7.3. The business price was 30 Leone, how much can you reduce for customers.
| 2024-06-30 23:12:27

Wow when e go happen?
| 2024-06-30 23:01:10

Thanks to the Government and the PRA, we the people hope to see more goods.
| 2024-06-30 22:50:25

Ah !!!