FREETOWN, 1st October 2024 – The Petroleum Regulatory Agency (PRA) has officially announced a decrease in fuel prices for the fourth consecutive month, following a comprehensive review of global oil markets and domestic factors.
In a statement issued on Tuesday, the PRA highlighted that “a strong recovery in the oil market at the start of September 2024, coupled with stable global oil prices and a stronger Leone against the US dollar, has positively influenced pump prices in Sierra Leone.”
The agency further explained that the review saw an “over-recovery” for several petroleum products, leading to price adjustments for petrol, diesel, fuel oil, and kerosene.
Adjustments to Retail Prices
The agency detailed several key changes in its review. “Petrol and diesel prices have been adjusted by NLe0.24 and NLe0.18, respectively, as part of a price correction levy,” the statement read. Additionally, funds have been allocated to debt recovery, with NLe0.20 and NLe0.06 for petrol and diesel, respectively. Further, NLe0.50 from both products will be transferred to the Infrastructural Development Fund.
New Pump Prices for October 2024
The new retail prices for petroleum products, effective 2nd October 2024, are as follows:
– Petrol: NLe27.30
– Diesel: NLe27.40
– Kerosene: NLe25.03
– Fuel Oil: NLe25.11
The PRA emphasized that “these prices will remain in effect until further revisions are made,” while also noting that dealers are permitted to sell below the approved rates.
The full price build-up for the month of October 2024 is available on the PRA website for public reference.
This price cut marks a significant relief for consumers, as Sierra Leone continues to experience positive trends in the global oil market and domestic exchange rates.
