By Mackie M. Jalloh
In a move aimed at easing the cost of living, Sierra Leone’s Petroleum Regulatory Agency (PRA) has announced a reduction in retail fuel prices for September 2024. The new prices, effective from Monday, September 2, 2024, reflect a decrease in the cost of petroleum products, with petrol dropping from NLe 28.50 to NLe 28 per liter.
The price adjustment follows a period of stability in the Leone’s exchange rate against the U.S. dollar, as well as a decrease in global petroleum import costs. The PRA attributed the new pricing to the Leone’s favorable performance in August, maintaining a stable rate of NLe 23.38 per USD.
Significant reductions were observed in the average landed costs of imported petroleum products. The new averages are USD820.03 per metric ton for petrol, USD919.27 for diesel, USD942.94 for kerosene, and USD675.91 for fuel oil. These figures represent a noticeable drop from last month’s averages: petrol at USD984.26, diesel at USD975.80, kerosene at USD1,009.79, and fuel oil at USD680.44.
Additionally, the PRA has introduced a debt recovery fund of NLe0.24 per liter for diesel and revised the price correction levy for petrol to NLe0.36 per liter. These adjustments are designed to align retail prices with international market trends while adhering to local regulatory policies.
The updated retail pump prices for September 2024 are:
– Petrol: NLe28 per liter
– Diesel: NLe28 per liter
– Kerosene: NLe26.24 per liter
– Fuel Oil: NLe26.04 per liter
The PRA has reaffirmed its commitment to a fair and transparent pricing regime, emphasizing its role in balancing consumer protection with the interests of investors in the downstream petroleum sector. The agency encourages the public to visit its official website at www.pra.gov.sl for more details and price calculations.
This price adjustment reflects ongoing global market shifts and Sierra Leone’s efforts to provide stable and manageable fuel prices for its citizens.
