Sierra Leone’s fuel pricing policy has earned international recognition, as the country now ranks eighth in Africa for having one of the lowest petroleum product prices on the continent, according to a recent assessment by Business Insider Africa.
It could be recalled that when the National Petroleum Regulatory Authority (NPRA),headed by Brima Baluwa Koroma recently reduced the price of petroleum product, it had an immediate and far-reaching positive impact on consumers, companies, and governments alike as it also witnessed a proportional decrease in the cost of transportation and other commodities.
The announcement was made by Brima Baluwa Koroma, Director-General of the National Petroleum Regulatory Authority (NPRA), during a community town hall meeting held in Moyamba District.According to the NPRA D.G, Sierra Leone has one of the cheapest fuel prices in Africa.
The NPRA boss also stated that because most agricultural produce-require long-distance transportation from the farm to the market, households will face lower travel expenses and basic food prices due to the cheap price of fuel in the country.
He also noted that lower fuel prices reduces production and overhead costs for businesses, particularly those in transportation, farming, and manufacturing and even households.
According to Brima Baluwa Koroma the social ramifications of cheaper fuel prices in the country are pleasing and fair for consumers and businesses, adding that in remote and hard to reach areas, low cost of gasoline allows residents, to access healthcare facilities, markets, and schools.
The NPRA D.G continues that several African nations have experienced protests in recent years as residents oppose fuel price increase, which are frequently tied to subsidy cuts or currency devaluation.
However, he continued that the strain on governments is also significant, as they must strike a balance between keeping gasoline inexpensive and managing the economic burden of subsidies or costly imports.
Ultimately, Baluwa Koroma noted fuel is a lifeline when its price reduce, it improvesfairness, economic progress, and advances stability.
“For Africa, where transportation and energy are critical to development, finding ways to keep gasoline inexpensive, through refining capacity, alternative energy, and efficient distribution, is not just an economic but also a social imperative,” the NPRA Director-General noted.
