By Hassan Osman Kargbo
The Director General of the National Petroleum Regulatory Authority (NPRA), Mr Baluwa Koroma, has addressed public concerns over the recent increase in fuel prices in Sierra Leone, explaining the key global and domestic factors responsible for the surge and outlining government efforts to stabilize the petroleum sector.
Speaking during a press briefing, Mr Koroma stated that Sierra Leone depends entirely on imported refined petroleum products rather than crude oil, a situation that makes the country highly vulnerable to fluctuations in the international oil market. He noted that recent global disruptions, including the aftermath of the COVID 19 pandemic, ongoing geopolitical tensions, and persistent supply chain challenges, have significantly influenced the rise in fuel prices worldwide.
He disclosed that petrol prices have increased by approximately 78.9 percent, while diesel has recorded an increase of over 100 percent in recent adjustments. He added that jet fuel has experienced relatively lower changes compared to other petroleum products. According to him, these price movements are not unique to Sierra Leone but are part of a broader global trend affecting both developing and developed economies.
Mr Koroma further explained that the government, through NPRA and other relevant institutions, has strengthened the fuel pricing mechanism to ensure greater transparency and responsiveness to market realities. He said the revised framework allows for more accurate monitoring of international price trends, shipping costs, and local distribution expenses, which together determine pump prices in the country.
He also revealed that the frequency of fuel price reviews has been adjusted to improve efficiency and enhance public communication. He emphasized that the authority is now committed to providing timely and transparent updates to the public in order to reduce misinformation and build trust in the pricing system.
Highlighting the role of the media, the NPRA Director General urged journalists to report responsibly on fuel related issues. He warned that the spread of inaccurate information could heighten public anxiety, especially during periods of economic uncertainty. He encouraged the practice of development journalism that clearly explains policy decisions and global economic influences to the public.
Mr Koroma acknowledged that the petroleum sector in Sierra Leone is largely driven by private sector participation, with government playing a regulatory and stabilizing role. He assured citizens that ongoing measures are aimed at cushioning the impact of rising prices while ensuring the continuous availability of fuel across the country.
He concluded by reaffirming NPRA’s commitment to maintaining stability in fuel supply and working closely with stakeholders to develop long term strategies that will reduce the country’s exposure to global market shocks and ensure sustainable energy security.
