By Mabinty M. Kamara
The Native Consortium and Research Center (NCRC) has in a press statement protested a potential increase in the pump price of fuel by July 2021 as projected by the country’s Petroleum Regulatory Agency.
“It has come to the notice of the Native Consortium and Research Centre that Government, through the Petroleum Regulatory Authority (PRA), is about to increase the price of fuel from Le. 8,500 to Le. 9,500 per litre anytime in July 2021 according to the PRA release dated 7th June 2021. The NCRC wants the general public and especially the PRA and the government to know that such increment is not only unacceptable but untimely and will exacerbate the suffering of the poor Sierra Leonean,” the statement reads in part.
The Consortium also noted that it will stage a peaceful nationwide demonstration on behalf of the public to register their dissatisfaction over such imminent increment in fuel price.
The consortium commended the current leadership of the Petroleum Regulatory Authority (PRA) for the ongoing construction of additional 60,000 metric tons of storage facility and the procurement of platts of refined petroleum products.
The statement noted that there is no material hike in oil price in the World Market as there has been only 14% increment from February 2021 to date, compared to the 200% increment that occurred during the height of COVID, from Le 7,000 in April 2020 to Le 8,500 in February 2021 when the price per barrel was sold at $ 59 per barrel.
“As at 7th June 2021, when PRA issued their release indicating the Government subsidy and loss and possible increment in July the fuel price per barrel stands at an average of $ 69 per barrel. As a lead voice on fuel the NCRC strongly believe that petroleum has 3 components which the Government can invest in: (a) Importation (b) Storage and (c) Distribution,” its reads.
The statement added that from 2005 to date the NCRC has not just been giving description but providing a prescription for the downstream petroleum sector based on the studies conducted over time with support from International Monetary Fund (IMF) and Christian AID to name but few and that like always, they have maintained that there are two drivers of fuel price in Sierra Leone; “it’s either the forces of demand and supply to make up the price of crude or the foreign exchange fluctuations locally.”
It noted that smuggling of fuel to neighboring countries should not be a driver for the increase in petroleum product, but rather it “creates big turnover and profit for the Oil Marketers more so when we have free trade protocols the Mano River Basin.”
“In retrospect of all of the above the NCRC want the PRA to understand that any attempt to increase the pump price now from Le 8,500 upwards (Le. 9,500) will be devastating to the livelihood of the people and therefore any attempt by the Trade Minister through the PRA to increase fuel price will be met with the stiffest resistance from well-meaning Sierra Leoneans in a peaceful protest to register our disapproval, as we have already written a letter to the police for protection and clearance to demonstrate nationwide,” the statement reads.
Copyright © 2021 Politico Online (21/06/21)
