September 28, 2021
BY MOHAMED M. SESAY
During his budget presentation for the fiscal year 2022, the Executive Chairman of the Petroleum Regulatory Agency (PRA) Brima Baluwa Koroma has yesterday the 27th of September 2021, dispelled wide ranging rumor on increment of fuel price.
Brima Baluwa Koroma maintained that pump price in Sierra Leone is being determined by the foreign exchange rate. He added that the PRA computes those date on the rise of foreign exchange and put it in the public domain in case of any increment.
“So the rumour going round that there will be an increment of fuel price is fake and unfounded. So the pump price for fuel remains Le 10,000”, he said.
Explaining the gains made so far by the Agency, Baluwa Koroma disclosed that they have done significant improvement in the sector. He added that the past gains made is a signpost to justify that the agency will to do more in terms of revenue generation for government.
He furthered that the downstream sector of the agency will be producing over seven hundred and eighty billion Leones in terms of petroleum revenue, adding that, the sector is also targeting eight hundred billion Leones annually in 2022.
“So we want to position ourselves in terms of government participation, monitoring, regulatory activities by ensuring that the downstream sector grow from strength to strength,” he revealed.
He continued that for the fiscal year 2021, they recorded about seven hundred and fifty-seven billion Leones but only eleven billion Leones was allocated to the agency which 1.44% for their annual budget.
As for the fiscal year 2022, Baluwa Koroma intimated that they are presenting 12.5 billion Leones which represents 1.5% generated from the revenue they collected to form part of their annual budget.
He added that the PRA is generating revenue in excess of eight hundred billion Leones and therefore, pleaded for the 1.5% from the revenue they generate to be allocated to them as their 2022 budget.
The Executive Chairman also disclosed that the agency has done a lot of transformation in the sector by opening the market which brought in new players in order to allow the value chain from distribution, storage and to retailing be of benefit for the people.
He assured that the agency is also bringing in players for the establishment of a new jetty since the country only has one jetty.
He projected for the sector to collect one trillion Leones revenue for government in the next two years. He furthered that by next year, he anticipates the sector to produce over eight hundred billion Leones as revenue. He stressed that the agency has recorded significant growth in terms of import, sales, distribution and petroleum revenue in the past three years.
Mr Koroma concluded by anticipating for regional tank firms and to also have a robust, monitoring in the sector, as according to him what he has observed in the sector over the years is that, some people don’t have value for money for the end users and also sub changing the consumers in the country.