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“Petroleum Regulatory Agency (PRA) Will Generate Le 800 Billion for the Government…”
Ibraahim Sesay
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“Petroleum Regulatory Agency (PRA) Will Generate Le 800 Billion for the Government…”

“Petroleum Regulatory Agency (PRA) Will Generate Le 800 Billion for the Government…”

“Petroleum Regulatory Agency (PRA) Will Generate Le 800 Billion for the Government…”

By Sheku Sackoh Turay

The Executive Chairman of the Petroleum Regulatory Agency (PRA), Mr Brima Baluwa Koroma disclosed to  pressmen that the Government of Sierra Leone would this year receive nothing less than Le 800 Billion from the Petroleum Sector.

He made this revelation at a joint Press briefing with the Ministries of Transport and Aviation, Trade and Industry, and the Petroleum Regulatory Agency at the Ministry of Information and Communications’ Conference Hall, Youyi Building, Brookfiels, Freetown, on Tuesday 10 August 2021.

The purpose of the joint press briefing was to educate the media about the unfolding issue of fuel and transportations in the country in order to inform the general public.  

The Permanent Secretary (PS) of the Ministry of Trade and Industry, Augustine S. Sheku in his remarks commented on the price of fuel which is not static and varies from one country to another.  Sierra Leone, he said, is part of the global village therefore, an effect on other nations in terms of fuel crisis is an effect on Sierra Leone. The PS gave a brief talk on the establishment of the Petroleum Regulatory Agency which he said is to regulate fuel in the country. He concluded by appealing to partners to collaborate with PRA and the Government of Sierra Leone and not to blow the situation out of proportion.

In his statement, the Permanent Secretary of the Ministry of Transport and Aviation, Mr Brima Sowa noted that the fuel issue in the country is a global problem and that as a nation, we should accept it as it’s inevitable. “When talk of fuels immediately what comes to the minds of everybody is Transports be it vehicle, Kekeh, Ferry,  and our Ministry is charged with that responsibility. So, it’s a very difficult task”.  PS Sowa narrated. Adding that, whenever there is an increment in fuel price, the passengers always surfer.  He reiterated that Fuel price in the sub-region is higher than that of Sierra Leone assuring that the government would be frowning at any illegal transportation of fuel outside the country. “My message here is simple, we’ve to take the message to the people, we as a Ministry can’t take the message to the people, but with the help of the media, it will reach everybody”. He said.  The PS concluded by giving statistics of the vehicular movement which is 0.05 %                    

Speaking on the mandate of the Agency, The Executive Chairman of the Petroleum Regulatory Agency (PRA), Brima Baluwa Koroma, stated that one of the primary roles of the agency is to regulate the activities of the petroleum sector, which include among others the importation of petroleum products into Sierra Leone, Storage, distribution, transportation, refinery and retailing.

He went on to inform the gathering that, there is no government participation in the activities of the Agency which makes the country peculiar among other nations. The entire sector, Chairman Koroma continued, is hundred percent (100 %) in the hands of the private sector, hence the challenges faced by the government.

“The Sector has its own computability character which has made prices highly speculative”. He noted; maintaining that, currently Sierra Leone has only two petroleum importers in the country: one Petroleum jetty and one large storage company servicing seven million consumers.

Speaking on the challenges faced by the Agency, PRA Chairman estimated that the entire country is consuming 1.2 Million litres a day, stating that as a result of the lack of refinery the country would not be able to consume crude oil but refined products. Therefore, an increased in crude oil by any percent would reflect to the refined oil as well.

The Executive Chairman of PRA disclosed revenue generated by the Agency from 2018 to 2021 “This sector is very critical and contributes about 15 % to domestic revenue. In 2018, the sector contributed about 484 Billion, in 2019, it increased by 56% to 743 Billion, in 2020, despite the challenge of COVID-19, the sector generated 753 Billion. This year also, this sector will produced nothing less than 800 Billion to the Economy. That tells you how critical this sector is.

He established that the Petroleum Sector is one of the largest sector in the country that touches on the daily lives of people, adding that the Government has been able to stabilise the pump price from May last year to present.

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