Pump Prices Of Fuel Decrease
The Petroleum Regulatory Agency has reviewed pump prices for petroleum product using the new pricing regime. This review is in line with the 30 years Sierra Leone fuel pricing structure jointly with the World Bank and all stakeholders. The new pricing regime will ensure transparency, economic stability and social equity.
This review was made known by the Agency in a press release dated 30th June 2024, noting that effective 1st July 2024 the approved prices for the product are as follows: Petrol NLe28.50, Diesel NLe28.50, Kerosene NLe27.40 and Fuel oil NLe25.30.
They Agency informed that fuel commodities have different demand-supply dynamics and their cost of production and consumption also varies and that the final retail prices will now reflect the differences across fuel types regarding appropriate market signals.
PRA maintained that the new fuel price regime will shift from the FOB Mediterranean to West African benchmark to reflect the appropriate importation realities for Sierra Leone.
That in order to address Import Premium, this will be based on the new import invoices to determine the cost of import and can be revised annually adding that component of allowances for ocean losses have now be included.
PRA reiterated that the component has been dissected and reduced from USD13.6 to USD 7.3 per metric ton and that some elements were completely removed. That the component has replaced the stabilization funds and this should be used to correct discrepancies between the regulated prices and the actual cost of fuel imported. The last review was in March 2024 which was in line with International oil prices for all petroleum products.
