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NOTICES & DOCUMENTS  

RETAIL PUMP PRICES OF PETROLEUM PRODUCTS IN SIERRA LEONE ARE CURRENTLY THE LOWEST IN THE MANO RIVER UNION
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Feb 17, 2016, 17:12
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The Petroleum Regulatory Agency (PRA), the Agency charged with the responsibility of regulating the downstream petroleum industry in Sierra Leone, wishes to set the records straight with regards the current status of pump prices of petroleum products (petrol, diesel and kerosene) in Sierra Leone, vis--vis the international price of crude oil, and also the issue of Government subsidies to the pump prices charged to the general public.

The PRA wishes to recall that retail pump prices were reduced on 23rd January, 2015, from Le 4,500 to Le 3,750 per liter, whilst neighboring countries continued to sell at much higher pump prices. The PRA also wishes to reiterate that the current fuel pump price of Le 3,750 per liter in Sierra Leone continues to be the lowest in the Mano River Union, i.e. compared to the pump prices in Guinea and Liberia and, irrespective of the reported recent reductions in pump prices in those countries.

The PRA wishes to bring to the attention of the public that the percentage fall in the international market price of crude oil does not translate into a commensurate percentage reduction in the local pump prices of petroleum products, in Sierra Leone or in any other country. The reason being that, the other costs/charges which make up the pump prices need to have the same percentage reductions as the crude oil, to warrant its translation to pump-prices reductions to the same extent. This notwithstanding, the matter is still receiving the full attention of government and its technical partners.

We also wish to confirm that according to records available at the office of the Petroleum Regulatory Agency, government subsidies on petroleum products in 2014 and 2015 were Le 133.35 and Le 150.81 Billion, respectively. It should also be noted that, between January and June 2015, despite significant increases in the international price of crude oil and petroleum products, rather than increase the Le 3,750 pump prices, the Government had increased its subsidies on petroleum products. Even with the recent fall in crude oil prices, the Government of Sierra Leone still had to provide subsidies in January 2016 totaling Le 6.53 Billion, in order to keep pump prices at Le 3,750 per liter, the lowest in the Mano River Union.

We want to assure the public that all the issues related to the adjustments in the petroleum products pricing Formula are under constant and regular review by the authorities, with a view to reflecting international prices in the local pump prices.

Executive Chairman

Petroleum Regulatory Agency 1st Floor British Council Building Tower Hill, Sierra Leone

Tel: +232 25208409
Email: info@prasl.org www.prasl.org


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