The Petroleum Regulatory Agency, Ministry of Finance, Ministry of Trade and Oil Marketing Companies have increased the pump prices of fuel from Le, 15,000 to Le, 18,000 effective Thursday.
The new price was announced after the government and oil marketing companies reviewed the minimum pump prices of petrol, gasoline, and kerosine.
The Petroleum Regulatory Agency (PRA) said in a statement that fuel prices are adjust monthly and is driven by international factors, which includes price of refined products set at Global Markets including cost of importation, shipping cost and premium.
PRA also mentioned that oil prices continue to climb as global supply declines, noting that the average international reference has increased by 90.59% and 102.59% for petrol and diesel, respectively, within the same period.
PRA cited that as at May 31, 2022, the cumulative smoothing mechanism amounted by a negative balance for petrol, diesel, Kerosine, and fuel oil as implemented in the pricing structure through stabilizing fund.
“The uniform price adjustment factor Le70 remain protected to ensure uniform pump price throughout Sierra Leone,” PRA said.
In that regard, the Ministry of Transport and Aviation, Motors Drivers and General Transport Workers Union and other key stakeholders have reviewed public transportation fares within the Freetown municipality due to increase in pump price of fuel, according to joint statement which was put out by transport operators and Ministry of Transport.
By George M.O. Williams