Tuesday, 10th March 2026
Key Highlights
By: Zacharia Jalloh, Ministry of Information and Civic Education
Introduction: Following the surge in global petroleum prices due to the ongoing conflict in the Middle East, pump prices in Sierra Leone have been affected. In response, the Government convened the Weekly Press Conference to update the public on the situation. The Minister of Trade and Industry, the Director General of the National Petroleum Regulatory Authority (NPRA), and other socio-economic experts briefed the public on the developments and the measures being taken. The following were the key highlights:
Cabinet Conclusions Update
The Deputy Minister of Information and Civic Education, Bockarie Abdel-Aziz Bawoh, updated the public on the recent Cabinet conclusions reached during the meeting held on 3rd March 2026. He reiterated the Government’s commitment to transparency and accountability to the people of Sierra Leone. Deputy Minister Bawoh described the public disclosure of Cabinet conclusions as an unprecedented step in promoting open governance. You can listen to the full briefing through the following link:
Global Oil Price Trends and Impact on Sierra Leone
The Minister of Trade and Industry, Alpha Sesay, informed the public that the Platts Rate, an international benchmark for oil prices stood at 636.4 in January, 686.53 in February, and rose sharply to 775.83 in March, largely due to the conflict in the Middle East. According to Minister Sesay, this sharp increase in global oil prices has affected pump prices in Sierra Leone, with the ripple effects already being felt by citizens. However, he assured the public that the Government is closely monitoring the market and that prices will be reduced once the global market stabilizes.
Availability of Petroleum Products
Minister Sesay further assured the public that petroleum products remain available in the country. He disclosed that current petrol stock will last for approximately 54 days, while diesel stock will last for about 43 days. He emphasized that the Government is currently negotiating with Oil Marketing Companies (OMCs) to keep fuel prices at an affordable level in order to cushion the burden on citizens.
Availability of Essential Commodities
Providing an update on the availability of essential commodities, Minister Sesay stated that the country currently has Rice stock sufficient for 5 months, Flour stock sufficient for 4 months, Sugar stock sufficient for 6 months, Onion stock sufficient for 3 months. He also noted that Sierra Leone is a net exporter of vegetable oil.
In addition, he disclosed that iron rods, which are now being manufactured locally, and cement are readily available in the market with stocks expected to last for about 3 months. The Government continues to monitor the prices of these essential commodities. Minister Sesay acknowledged that rising fuel prices could potentially affect the cost of these goods but assured the public that the impact is expected to be minimal.
Economic Outlook
The Chief Economist at the Ministry of Finance, Alimamy Bangura, provided an overview of Sierra Leone’s economic status prior to the outbreak of the conflict involving Iran. He noted that key economic indicators showed significant improvement: Revenue increased from 7.2% in 2022 to 11.3% in 2025, Inflation dropped to 4%, Exchange rate remained relatively stable, the gap between revenue and expenditure narrowed from 6% of GDP in 2022 to 4% of GDP in 2025, Trade balance improved as trade deficit reduced significantly.
Mr. Bangura emphasized that these economic fundamentals were under stable control by the country’s economic managers.
However, he cautioned that if the conflict in the Middle East persists, it could pose a significant threat to Sierra Leone’s economic growth. With fuel prices already rising, the ripple effects could impact food prices and other essential goods. He assured the public that the Government is actively developing a program to cushion the burden on citizens, similar to the interventions implemented during the COVID-19 pandemic.
Clarification on Petroleum Pricing
The Director General of the National Petroleum Regulatory Authority (NPRA), Brima Baluwa Koroma, clarified that Sierra Leone imports refined petroleum products, not crude oil. He explained that refined petroleum products are finished products that include additional costs such as freight charges, commercial levies, and other associated expenses, which collectively determine the landing cost at Sierra Leone’s ports.
He therefore urged citizens to understand that fuel pricing is influenced by several variables beyond the price of crude oil.
Adjustment of Pump Prices
DG Baluwa further informed the public that maintaining the previous Nle28.5 pump price would have put the country at risk of fuel shortages. He explained that the adjustment in pump prices was necessary to allow Oil Marketing Companies to align with prevailing global market conditions.
He also assured the public that Sierra Leone operates one of the most transparent fuel pricing formulas in the region, noting that the public can access the formula on NPRA’s website.
Fuel Price Reductions Since 2018
In further reassurance to the public, DG Baluwa stated that the NPRA has reduced fuel prices eight times since 2018, attributing this to the Authority’s transparent pricing mechanism. He added that once the situation in the Middle East stabilizes and global prices decline, the changes will be reflected in Sierra Leone’s pump prices. He encouraged citizens to follow the Ministry of Information and Civic Education, the Ministry of Trade and Industry, and the NPRA for accurate and reliable updates.
Expert Perspective
Aminata Jalloh, a journalist and socio-economic analyst, affirmed that the current global fuel situation is largely beyond the control of the Government. However, she encouraged the Government of Sierra Leone to continue implementing measures that will cushion the economic impact on citizens.
©Ministry of Information and Civic Education
