The Director General of the National Petroleum Regulatory Authority (NPRA), Baluwa Koroma, has clarified that global economic shocks and supply disruptions are the key drivers behind the recent fuel price adjustments in Sierra Leone.
Speaking at a regular press conference hosted by the Ministry of Information and Civic Education at the Miatta Conference Centre in Freetown, Koroma explained that although the petroleum sector has historically been resilient, it has been significantly affected by major global developments in recent years.
According to him, the COVID-19 pandemic triggered a severe slowdown in global economic activities, restricting international movement and disrupting production and supply chains across the world. These disruptions, he noted, created challenges that continue to affect petroleum markets today.
The Director General further stated that during the peak of the pandemic, the global economy experienced an unprecedented shutdown as industries, transportation systems, and international trade declined sharply. He added that current geopolitical tensions, particularly the conflict involving Iran and the United States, are further contributing to instability in the global energy market.
“When the global economy began reopening between 2021 and 2022, the petroleum market experienced sudden shocks that immediately affected supply and prices worldwide,” Koroma stated. “Countries that depend on imported petroleum products, including Sierra Leone, were inevitably impacted.”
Despite these challenges, the NPRA Director General maintained that Sierra Leone continues to maintain one of the lowest pump prices for petroleum products within the region. He emphasized that over the past three years, the country has managed to keep fuel prices relatively lower compared to several neighboring states.
Koroma disclosed that Sierra Leone currently imports about 40,000 metric tons of petroleum products, noting that the country consumes approximately 1.5 million litres of petrol and diesel daily. However, because Sierra Leone does not produce petroleum products locally, it relies entirely on imports to meet national demand.
He further highlighted that product availability remains a significant challenge for the sector. According to him, petroleum shipments arriving in the country typically last between seven and ten days before additional supplies are required to replenish national stocks.
Koroma explained that the Ministry of Trade and Industry, in collaboration with the NPRA, continues to work to ensure adequate fuel supply while balancing the need to protect government revenue, sustain the petroleum industry, and safeguard the interests of consumers.
To strengthen storage capacity, he said the ministry and the authority have increased the country’s fuel storage capacity from 126,000 metric tons to 285,000 metric tons, encouraging the expansion of petroleum storage facilities nationwide. However, plans are underway to further expand this capacity through new investments.
He also disclosed that the authority is closely monitoring the re-export of petroleum products to neighboring countries, including Guinea, to ensure that domestic demand is fully met before any external supply is approved.
Mr. Koroma emphasized that Sierra Leone operates one of the most transparent petroleum pricing formulas in the region, noting that the system is publicly available and regularly reviewed to reflect changes in international market conditions.
He encouraged journalists,media professionals and Civil Society Activists to embark on development outreaches in educating the public with credible,accurate and reliable information on fuel pricing from official institutions, including the Ministry of Finance, the Ministry of Trade and Industry, and the NPRA.
