By Claudia Redwood-Sawyerr
The Director General of the National Petroleum Regulatory Authority, Brima Baluwa Koroma, says rising global freight and transportation costs are a key factor for the increase in pump prices.
Speaking at the weekly government press briefing at the Miatta Civic Centre, Mr Koroma explained that the cost of shipping refined petroleum products from international markets to Sierra Leone has increased sharply, with freight charges now accounting for 50 to 60 percent of the total cost of imported fuel.
Sierra Leone imports all of its petroleum products from global suppliers, making the country vulnerable to global supply disruptions and rising logistics costs.
“Sierra Leone does not refine crude oil; we import refined petroleum products, and their prices are determined by global markets,” Mr Koroma stated.
Despite these pressures, Mr Koroma emphasized that Sierra Leone continues to maintain one of the lowest fuel prices in the sub-region. He also highlighted improvements in national fuel reserves, noting that the country now holds approximately 42 days of petroleum supply, compared to just 7 to 10 days in previous years.
“Sierra Leone consumes about 1.5 million litres of fuel daily, with roughly 550 million litres used annually,” he disclosed.
DG Koroma further disclosed that the government is working to expand the country’s fuel storage capacity, currently estimated at about 295,000 litres, as part of efforts to strengthen energy security.
He added that expanded infrastructure, could eventually position Sierra Leone as a petroleum distribution hub for neighbouring countries such as Guinea and Mali.
He assured the public that the NPRA’s fuel pricing mechanism remains transparent and publicly accessible, with the pricing formula available on the Authority’s website.
Mr Baluwa Koroma concluded by affirming the government and NPRA’s continued effort to manage global pressures while ensuring stable fuel supply across the country.
