The Petroleum Regulatory Agency (PRA) has yesterday 7 May 2020, 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 keep the pump price of all petroleum products to 7,000 per liter.
There was a recent decrease in the pump price of fuel early April, 2020 8,500 to 7,000.
All Oil Marketing Companies and Fuel Dealers nationwide have been asked to adhere to present pump 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.
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.