By Hassan Osman Kargbo
The Government of Sierra Leone is spending about 2.6 million dollars each month in subsidies to cushion the impact of rising global fuel prices on consumers, authorities have confirmed.
The disclosure was made by Brima Baluwa Koroma, Director General of the National Petroleum Regulatory Authority, who said the intervention is aimed at reducing the burden on citizens amid ongoing volatility in the international energy market.
According to Mr Koroma, the government continues to engage fuel importers to ensure that price increases on the global market are not fully passed on to local consumers. He explained that these discussions form part of broader efforts to maintain stability in the petroleum sector and protect households and businesses from sharp cost increases.
He assured the public that despite the challenges, the country currently has sufficient fuel reserves to meet demand. Sierra Leone, he said, holds about 45 days of petrol stock and 58 days of diesel, a buffer considered adequate to prevent immediate shortages.
Mr Koroma noted that global developments remain a major driver of price changes. He pointed to tensions linked to the Gulf conflict as one of the key factors affecting supply chains and pushing up prices on the international market. These pressures, he said, continue to influence domestic pricing.
Providing further details, he revealed that petrol prices have increased by 78.9 percent globally, while diesel has recorded a rise of 100.72 percent. Jet fuel, he added, has seen an increase of 102 percent, reflecting the scale of disruption affecting the energy sector worldwide.
He stressed that such increases would have had a more severe impact locally if not for the governmentβs subsidy programme. The support, he said, is intended to provide temporary relief while authorities monitor global trends and adjust policies where necessary.
The Director General also reiterated the commitment of the National Petroleum Regulatory Authority to ensuring transparency and efficiency in the sector. He noted that maintaining steady supply and fair pricing remains a priority for regulators.
Economic observers say the subsidy programme, while helpful to consumers, places pressure on public finances and may require careful management if global prices remain high over a prolonged period.
For now, officials maintain that the combination of subsidies, importer engagement and adequate stock levels will help the country navigate the current challenges in the fuel market.
