The Petroleum Regulatory Agency (PRA) has issued a joint statement with the Ministry of Finance, Ministry of Trade and Industry and Oil Marketing Companies (OMC’s) after a careful study on the Platts and foreign exchange rate decided to reduce the pump price of all petroleum products with immediate effect.
The decrease ranges from le 9,000 to le 8,500 for petrol, diesel kerosene and fuel oil.
In regard to this all Fuel Dealers and Oil Marketing Companies have been asked to adjust their prices.
The Government and OMC’s have agreed to reform the downstream petroleum sector in a transparent way of reviewing fuel pump price every month based on the movement of the Platt and exchange rate.
There was a recent increase in the pump price of fuel last January and with this announcement the prices would go back to it previous pump price. The only petroleum product that does not go to its original price is Kerosene
The Petroleum Regulatory Agency was established by an Act of Parliament ( PRA Act of 2014 ) to grant license and regulate the petroleum downstream activities in Sierra Leone; these includes importation, storage, transportation, retailing, refinery, jetty and bunkering.