Freetown — The Director General of the National Petroleum Regulatory Authority (NPRA), Dr. Brima Baluwa Koroma, has clarified the circumstances surrounding the recent adjustment in petroleum pump prices and provided an update on revenue performance within the sector, amid growing public discussion and concern.
Speaking during a media engagement in Freetown, Dr. Koroma explained that the recent increase in the pump price of petrol, diesel, and kerosene from Le 25 to Le 28.50 per litre was driven by prevailing market dynamics. These include fluctuations in international oil prices, foreign exchange movements, and rising operational costs related to the importation, handling, and distribution of petroleum products.
He emphasized that petroleum pricing in Sierra Leone is guided by a clearly defined regulatory framework aimed at striking a balance between protecting consumers and ensuring the sustainability of supply in the downstream petroleum sector. According to Dr. Koroma, the NPRA does not arbitrarily fix fuel prices. Instead, the Authority applies a transparent pricing formula that takes into account global oil prices, shipping and insurance costs, port and storage charges, statutory taxes, and regulated dealer margins.
“Periodic price reviews are necessary to maintain supply stability and prevent market distortions that could lead to shortages or disruptions,” the Director General explained. Addressing public concerns over the economic impact of the price increase, Dr. Koroma assured consumers that government remains mindful of the burden fuel price adjustments place on citizens, particularly vulnerable groups.
He noted that the NPRA works closely with relevant ministries, departments, and agencies to ensure that pricing decisions are data-driven, consultative, and aligned with national economic conditions. On revenue performance, the NPRA Director General disclosed that the petroleum sector continues to make a substantial contribution to national revenue, supporting government spending on essential public services and infrastructure development.
He added that improved regulatory oversight, enhanced compliance by oil marketing companies, and strengthened reporting systems have significantly improved transparency and revenue accountability within the sector. Dr. Koroma further reaffirmed the Authority’s commitment to transparency, stakeholder engagement, and proactive public communication, stressing that sustained dialogue with oil marketing companies, transport operators, and consumers remains central to effective regulation and sector stability. He concluded by calling on the public to remain calm, assuring Sierra Leoneans that the NPRA will continue to closely monitor global and domestic market trends while prioritizing supply security, regulatory efficiency, and the protection of consumer interests.
