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The Petroleum Regulatory Agency (PRA) with the Ministry of Finance, the Ministry of Trade & Industry and the Oil Marketing Companies have in a press release announced the new price for fuel in Sierra Leone from Le 15,000 to Le 18,000 per liter.
The Petroleum Regulatory Agency (PRA) with the Ministry of Finance, the Ministry of Trade & Industry and the Oil Marketing Companies have jointly reviewed the maximum pump prices of petroleum products which will be in force effective 9th June 2022.
Sierra Leone’s fuel prices are adjusted monthly which is driven by International factors, which includes refined products at a predetermined price set at Global Markets including cost of importation, shipping costs and premium.
According to the release oil prices continue to climb as global supply declines. The average International oil reference price has increased by 90.59% and 102.59% for petrol and diesel respectively within the same period in 2021
Adding that As at 31st May 2022, the cumulative smoothening mechanism amounted to a negative balance for petrol, diesel, Kerosene and fuel oil as implemented in the pricing structure through stabilisation funds.
The release went on to state that the uniform price adjustment factor of Le70 remain protected to ensure uniform pump price throughout Sierra Leone.
Accordingly, pump prices for June 2022 have been adjusted as follows:
- Petrol: Le18,000
- Diesel: Le18,000
- Kerosene: Le18,000
- Fuel Oil: Le18,000
