Sierra Leone Government Lowered Pump Prices of Lubricant Product
By Abdul Rahman Bangura –
NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leonne- The Government of Sierra Leone has announced a reduction in the pump prices of petroleum products, following the recent fall in prices of the same at the world market.
The Petroleum Regulatory Agency (PRA) in a general announcement on Wednesday April 8th, 2020 expressed that, the cost for fuel is presently Le7000 per liter, signifying a Le1, 500 rebates from the last price.
‘‘Following recent developments in the international market of petroleum products, the Petroleum Regulatory Agency, Ministry of Finance, Ministry of Trade and Industry and Oil Marketing Companies (OMCs), have jointly examined the pump prices of petroleum products to reflect the movements in the plats and foreign exchange rates,’’ according to the report.
Chairman of the Petroleum Regulatory Agency – Brima Baluwa Koroma, shared with the press that, the decline of the price of petroleum lubricants is a fraction of the government’s action to ease the economic and social drawbacks on Sierra Leoneans amidst the outbreak of the Novel Coronavirus malady.
‘‘Our policy with regards to Petroleum products in Sierra Leone is contingent on the global market price, so it’s formulated to be rethought at the end of each month in injunction to pursue worldwide best practices. As the world price shifts, we regulate to guarantee that, Sierra Leoneans are offered the best of service,’’ Koroma clarified.
This is the second time the government has curtailed the pump prices of fuel in the space of a month. Last month the government announced a reduction of pump prices from Le 9000 to Le 8,500. Shortly after the proclamation, the Ministry of Transport also surveyed transportation prices. Transportation price from diverse points was also lessened from Le 1,500 to Le 1,200. In ranges where passengers are anticipated to pay Le 2,500, they will now pay Le 2,000.
This message by the Transport Ministry was gone in advance, by requesting the reduction of passengers in the marketable vehicle.
Alpha Amadu Bah – Chairman for the Sierra Leone Motto Drivers and General Transport Union let out that, they were happy with the contemporary tariffs, primarily at a time the passengers of vehicles are reduced.
‘‘We will ensure that our drivers follow the new transports fares to the letter because these measures are geared towards fighting COVID-19 and this involves the safety and security of all,’’ the Union’s Chairman remarked.
1 US Dollar = 9,742.50 Leone – April 08/ 2020
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