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 8,500 to le 7,000 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 decrease in the pump price of fuel early March, 2020. With this new reduction in pump price transport within the country have been reviewed by the Ministry of Transport and Aviation and other transport stakeholders with immediate effect.
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 include importation, storage, transportation, retailing, refinery, jetty and bunkering.