BY: PRECIOUS MIRACLE KARGBO
In a significant move to address ongoing economic fluctuations, the Petroleum Regulatory Agency (PRA) of Sierra Leone has announced new retail prices for petroleum products, effective immediately for October 2024. The adjustments reflect the agency’s commitment to stabilizing the market amidst rising costs and supply chain challenges.
The new prices are set at Le27.30 per litre for petrol, Le27.40 for diesel, Le25.03 for kerosene, and Le25.11 for oil. These increases are a response to an over recovery of production and distribution costs, a situation exacerbated by global market volatility. The PRA conducted a thorough review to determine the necessary adjustments, ensuring that the prices reflect current economic realities.
The agency highlighted the importance of these changes in providing a fair pricing structure for consumers while ensuring the sustainability of the country’s fuel supply. The PRA emphasized that infrastructural improvements are essential for maintaining a reliable distribution network for petroleum products across Sierra Leone.
Consumers are encouraged to be vigilant and report any discrepancies they may encounter at fuel stations to promote transparency in the pricing process. The PRA’s proactive approach aims to support both consumers and suppliers as they navigate the complexities of the current economic landscape.
This announcement underscores the PRA’s ongoing efforts to adapt to changing market conditions and prioritize the needs of the Sierra Leonean public. By implementing these new prices, the agency seeks to foster a more stable and reliable petroleum sector, ultimately benefiting the economy as a whole.
