Following the recent upsurge in the global prices of petroleum products, the Petroleum Regulatory Agency and the ministries of Finance and Trade and Industry, have reviewed retail pump price from NLe 19.5 to NLe 21.5 effective yesterday Thursday 2nd February 2023.
A press release issued by PRA says the adjustment in the price of petroleum products is a result of the exchange rate of the United States Dollar to the Leone coupled with the hike in international refined petroleum products.
“Since the last review, oil prices have jumped by 15.04% and 9.89% for petrol and diesel respectively,” the release states. It furthered that Government will not pass all the costs to the consumers as the price of diesel is still subsidized for the retail market.
PRA therefore reassured commercial up-lifters that the policy to pay in USD remains operational.
