…For Lowest Fuel Prices
The Executive Director of NPRA, Brima Baluwa Koroma has, during a recent Townhall Meeting held in Moyamba District disclosed that latest report from a private investment group, Business Insider Africa has shown that the Sierra Leone National Petroleum Regulatory Authority (NPRA) is ranked eighth (8) in the continent for the lowest prices of petroleum product among other competitors.
Speaking during the Townhall Meeting, Mr. Brima Baluwa Koroma noted that the government has recently decided to lower the prices of petroleum products across the country to NLe 27 following a reduction in the global pricing formula of all petroleum products.
According to the NPRA boss, some African countries are experiencing a price increase in petroleum products, well above the global average of $1.17 per liter, adding that the causes range from geopolitical volatility, domestic refining capacity, currency depreciation to high import dependence.
The NPRA Executive Director also noted that this year, fuel prices remain a critical economic concern across Africa, noting that with the continent heavily reliant on petroleum products for transportation, agriculture, logistics, and small-scale energy generation, fluctuations in its prices directly impact inflation, food security, and household income.
Brima Baluwa Koroma also revealed that currently, they have received reports of some local petroleum stations selling their products below the government’s stipulated prices, adding that despite their action, the NPRA could not intervene as the government laws stipulate that no one should sell below the NPRA mandated price.
He also stated that the price reduction is in response to the competitive environment created by the new players in the petroleum sector.
According to the NPRA Boss, the institution is also responsible to look into areas like increased transport costs which are also affecting food prices and inflation and also higher production costs, impacting competitiveness and trade. The NPRA boss also noted that reduced agricultural productivity, especially for mechanized farming also led to energy poverty, as diesel generators are common in off-grid areas.
He noted that there are ongoing discussions about the role of the NPRA in setting petroleum prices, with some advocating for a market-based approach.
