The Executive Director of the National Petroleum Regulatory Agency (NPRA), Brima Baluwa Koroma, has disclosed that diesel prices have risen sharply, increasing from 28.5 percent in January this year to over 100 percent following the outbreak of conflict involving Iran, Israel, and the United States.
Mr. Koroma made this statement during the weekly press conference held at the Ministry of Information and Civic Education. He also revealed that jet fuel prices have risen significantly, now standing at Le 102, representing an increase of about 102 percent.
According to him, the global conflict has caused one of the most severe fuel price shocks Sierra Leone has experienced. He noted that the impact on the country’s petroleum sector has been profound, affecting both supply and pricing.
He further stated that projections from the World Bank suggest it may take Sierra Leone until late this year or early next year to stabilize and return to the price levels recorded in January, depending on how global prices adjust over time.
Despite the challenges, Mr. Koroma commended the government for efforts to stabilize fuel prices. He explained that measures have been put in place to strengthen the pricing formula, ensuring consistency and availability of petroleum products across the country.
He emphasized that these interventions are aimed at cushioning the impact on consumers while maintaining steady supply within the petroleum sector.
