NPRA Assures Fuel Security Despite Global Price Swings

NPRA Assures Fuel Security Despite Global Price Swings

The Director General of the National Petroleum Regulatory Authority (NPRA), Baluwa Koroma, has assured the public that the government is implementing strategic measures to guarantee the continuous supply, accessibility, and affordability of fuel across Sierra Leone, notwithstanding fluctuations in international fuel prices.

Speaking at a civic engagement forum organized by the Ministry of Information and Civic Education (MoICE) at the Kono District Council Hall, Mr. Koroma clarified that the government lacks control over petroleum prices, as it is not the importer. He stated, “Our mandate is to ensure affordability, accessibility, and universal availability of fuel products throughout Sierra Leone.”

Mr. Koroma highlighted the substantial enhancements in the country’s fuel infrastructure over the past seven years. He noted a significant increase in annual fuel consumption, rising from 400 million litres seven years ago to approximately 600 million litres today, equating to an average daily consumption of 1.5 million litres.

Furthermore, he pointed out that national storage capacity has dramatically expanded from a mere 10-day supply to 42 days of supply. “Previously, storage tanks were non-existent when engaging with investors, but President Bio prioritized storage to prevent service disruption. This expansion ensures the elimination of fuel queues, even during peak consumption periods such as Christmas, Ramadan, and Easter,” Mr. Koroma added.

Addressing the issue of price volatility, he emphasized the direct impact of global geopolitical events on domestic fuel costs. “International tensions, such as those between the U.S. and Iran, immediately translate to domestic price increases. It is important to understand that such price hikes are not attributable to the government,” he stated, reiterating that no administration desires to impose financial hardship on its citizens.

Concerning local pricing mechanisms, Mr. Koroma explained that the ceiling of Le 28.5 per litre serves as a regulatory measure to prevent overcharging, while allowing retailers to sell at a slightly lower price in some areas, for instance, at Le 26 or Le 27 per litre.

Mr. Koroma's address underscores the government's proactive strategy to manage the fuel supply chain, provide assurance to citizens, and mitigate the effects of external price pressures while ensuring national fuel accessibility.