The Petroleum Regulatory Agency (PRA) has issued a statement addressing concerns about fuel availability and pricing in Sierra Leone.
This follows recent reports suggesting a potential fuel crisis with some stations running dry and limited suppliers.
It could be recalled that last Friday, there were reports of long queues at filling stations in Freetown and the provinces with many entirely closed. This scarcity led to a temporary rise in transportation fares as drivers with access to fuel exploited the situation.
In a statement released on Sunday 5th May 2024, PRA acknowledged reports of fuel retailers withholding existing stock to create a shortage and inflate prices.
The agency stressed there’s no need for panic, assuring the public that over 2.2 million liters of petrol are readily available nationwide, with diesel supplies lasting comfortably until mid-July. Additionally, a significant shipment of 20 million liters of petrol is expected today Wednesday 8th May.
The statement confirmed that currently, only NP SL and Leon Oil have reserve petrol stocks. However, PRA emphasizes that these reserves, combined with the upcoming shipment, are sufficient to meet demand until the next major delivery.
PRA issued a stern warning against fuel hoarding, highlighting that any dealers caught manipulating supply to inflate prices will face severe repercussions, including the revocation of their licenses.
Consumers can expect fuel prices to remain stable throughout May, with the current price per liter of NLe30 holding firm. PRA said it is currently implementing reforms to optimize operations within licensed storage companies, ensuring they prioritize public needs.
The agency added that it remains committed to guaranteeing fair and efficient fuel distribution throughout Sierra Leone and will take strict action against any practices that negatively impact consumers.