By Nasratu Kargbo
The Vice President of Sierra Leone, Dr. Mohamed Juldeh Jalloh has called on all petroleum companies to work together in order to ensure stability in fuel supply and competitive price for consumers. The Vice President who was visiting the facility of a new oil company, All Petroleum Products (APP) at Kissy, on Tuesday 24 August 2021, spoke of having heard about a misunderstanding between APP and National Petroleum (NP).
He stated that such should not happen and that government created opportunities for both companies and encouraged them to build a strong and strategic partnership which will strengthen stability in the petroleum industry for the betterment of the country.
He said having more companies such as APP will enable the government expand its strategic stock, explaining that more companies will increase storage capacity in the country, which could prevent the country from suffering an external shock due to increment in the international market price.
He emphasized that the government is doing as much as it can to stabilize the price of fuel to the extent of paying taxes. He reassured all oil marketing companies that the government will always be at their disposal to engage them on where they need support. He noted that fuel is one of the most important commodities in any country that creates jobs and also contributes in revenue generation.
Dr. Juldeh said Sierra Leone has one of the cheapest prices of fuel in the sub-region, noting neighboring countries like Guinea experience higher price. He said the government has taken proactive and extra measures to ensure that they reduce government taxes in order to keep prices of petroleum products stable.
He explained that the petroleum sector is important and that the government takes the oil marketing companies very seriously. He assured them of government’s support, but also advised them to take advantage of such support and asked all the companies to work as one in order to sustain the stability of fuel supply and competitive prices.
In his statement, the Minister of Trade Edward Hinga Sandy said that both companies are competitors, explaining that when one sees another coming into the business they might feel threatened but explained government’s focus in ensuring that the sector was regularized including control in the pricing of petroleum products.
Sandy said the market is getting bigger stating that with the competition and options available, consumers will be treated seriously. He also revealed that APP is not the only story in the expansion. He revealed: “We are bringing in other players”.
Speaking on the plans they have, the minister said they are looking at agreements that have to do with refinery, bunkering and making Sierra Leone a hub for petroleum in sub-region. He said that if this is achieved, the country will benefit a lot.
The Executive Chairman of Petroleum Regulatory Agency (PRA) Dr. Brima Baluwa Koroma said they want peace in the sector and do not want any crisis. He said the Vice President has spoken to both NP and APP for an end to their differences.
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