Fuel pump price drops to NLE18
By Politico staff writer
The Petroleum Regulatory Agency yesterday announced a drop in the pump price of petroleum products across Sierra Leone from NLE 19 to NLE 18.
The country experienced a sharp increase in the pump price of petroleum products from NLE10 to NLE15 and later to NLE18 occasioned by the Ukraine Russia Conflict in March. This sparked reactions from citizens across the country including commercial drivers.
The pump price of fuel would later go on to rise to NLE22 in June this year.
The government has always attributed the situation to the current global economic situation, noting that the cost of fuel products in Sierra Leone will always be reflected by the prevailing international pricing.
A joint press release by the Petroleum Regulatory Agency (PRA), Ministry of Finance, Ministry of Trade and Industry, and Oil Marketing Companies, on Thursday 9th of June, 2022, stated that the new price was said to be a result of international factors that include the redefined product at a predetermined price set at the global market. Those factors are said to include the cost of importation and shipping.
Due to the said international factors, the Sierra Leone pump price is adjusted on a monthly basis and the transportation fares adjusted to meet the current pump price.
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