The Director General (DG) of the National Petroleum Regulatory Authority (NPRA), Brima Baluwa Koroma, has provided a performance overview of the downstream petroleum sector over the last five years.
He explained at this week’s Tuesday press conference, organised by the Ministry of Information and Civic Education, that the country previously had limited storage, just two weeks’ worth of supply, leading to frequent import disruptions and inadequate delivery. At that time, he noted, only three importers operated in the market. Today, there are ten players, ensuring healthy competition and stability.
“Sierra Leone’s petroleum storage capacity has grown to 278,000 metric tons, more than double what it was five years ago. The downstream sector now contributes about 12% to domestic revenue, marking a significant shift in energy security and fiscal contribution”, he disclosed.
According to DG Baluwa Koroma, “the new NPRA Act empowers the Authority to maintain the government’s strategic fuel stock”. He noted further that, “Under this legislation, Sierra Leone now holds petroleum reserves that can last six to seven weeks, a record in the nation’s history. The law also mandates that licensed operators must maintain a minimum stock balance, or risk losing their licenses, ensuring better preparedness and accountability in the sector”.
Addressing public concerns about fuel prices, DG Baluwa Koroma attributed the recent reduction in pump prices to Government policy reforms. “The government established a price ceiling while encouraging open market competition. As a result, dealers are voluntarily lowering their prices, and the NPRA has committed to staying out of pricing interference, allowing competition to flourish as intended”, he concluded.