Sierra Leone’s Petroleum Regulatory Agency Keeps Petrol, Diesel Prices Steady Despite Global Oil Surge

In a bid to cushion consumers from rising global oil prices, Sierra Leone’s Petroleum Regulatory Agency (PRA) has announced minimal changes to domestic fuel prices for November 2024.

Petrol will remain at SLe27.30 per liter, while diesel stays at SLe27.40 per liter, despite a 4.98% increase in the global market price for petrol and a 2.48% rise for diesel.

The agency’s decision reflects a strategic move to mitigate the economic strain on Sierra Leoneans amidst volatile global oil markets and ongoing geopolitical tensions.

The PRA attributed its pricing decisions to a “complex mix of global market dynamics,” highlighting that while crude prices surged in early October and peaked mid-month, they showed signs of stabilizing towards the end. Sierra Leone’s pump prices were also affected by the depreciation of the Leone against the U.S. dollar, which fell by 1.41%, further pressuring import costs.

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In contrast, the prices for kerosene and fuel oil will see modest increases. Kerosene now costs SLe25.87 per liter, up by 3.36%, and fuel oil has risen by 1.75%, now priced at SLe25.55 per liter.

The PRA has implemented several financial strategies to manage price fluctuations and ensure stable supplies, including:

• Price Correction Levy: Although no adjustment was necessary for petrol, a levy of SLe0.30 per liter has been introduced for diesel to align with increased import costs.
• Debt Recovery Fund: The agency continues to apply contributions of SLe1.32 per liter for petrol and SLe1.06 for diesel to support debt recovery.
• Infrastructural Development Fund (IDF): A SLe0.50 per liter allocation for both petrol and diesel will fund national infrastructure projects.

The PRA emphasized that these measures are aimed at minimizing fuel price volatility and ensuring sufficient revenue for essential services, underscoring the government’s commitment to shielding consumers from global price shocks while addressing critical national funding needs.