Freetown, Sierra Leone – November 1, 2024 – The National Petroleum Regulatory Agency (PRA) has revealed that despite global oil price fluctuations and a slight depreciation of the USD/NLe, Sierra Leone’s retail petroleum prices will remain stable for November 2024.
This decision was made after a thorough review of market conditions and relevant parameters.
Key Factors Influencing Prices:
Global Oil Price Fluctuations: The global oil market experienced mixed movements in October, with prices rising sharply mid-month before slowing towards the end. This volatility led to an increased under-recovery.
USD/NLe Depreciation: The USD/NLe depreciated by an average of 1.41% in October, adding a slight impact on fuel prices.
Global Fuel Demand and Middle East Tensions: Rising global fuel demand and ongoing tensions in the Middle East continue to push oil prices upwards.
Price Adjustments:
Petrol: No price correction was applied to petrol, as the West African Platts data is higher than FOB Med.
Diesel: A price correction of NLe0.30 per litre was applied to account for diesel price discrepancies.
Debt Recovery Fund: NLe1.32 and NLe1.06 were allocated to debt recovery funds for petrol and diesel, respectively.
Infrastructural Development Fund: NLe0.50 each for petrol and diesel was allocated to support the IDF, maintaining the previous month’s allocation.
Pump Prices for November 2024:
Petrol: 27.30 NLe per litre
Diesel: 27.40 NLe per litre
Kerosene: 25.87 NLe per litre
Fuel Oil: 25.55 NLe per litre
The National Petroleum Authority (NPA) continues to monitor global market trends and will adjust fuel prices accordingly to ensure a stable and sustainable supply of petroleum products to Sierra Leone.
Who true it is?