Freetown – The government has channelled more than $8 million into petroleum subsidies over recent months to shield citizens from soaring global oil prices, Trade and Industry Minister Alpha Sesay has disclosed.
Addressing the national policy hearing on the 2027 financial year budget, Sesay said the intervention was essential to stop sharp jumps in the cost of essential services and to soften the wider economic fallout from external market pressures.
“For the past couple of months, government has subsidized over $8 million on petroleum products,” the minister stated.
He pointed to the rapid climb in international crude prices, which have risen from $62.24 a barrel in December last year to $105 today. “We all know what the implications are when the price of energy goes up. Everything else is affected,” Sesay stressed.
The volatility has already imposed heavy costs on Sierra Leone’s economy, pushing up expenses for transport operators, businesses and ordinary households, he warned.
Pump prices remain unsettled, with petrol currently retailing at NLe40 per litre and diesel at NLe45. Sesay said the subsidies form part of efforts to reduce the immediate burden on citizens while more comprehensive fiscal measures are prepared for the forthcoming budget.
