By Mariama Bundu
The Director General of the National Petroleum Regulatory Authority (NPRA), Baluwa Koroma, has said Sierra Leone still records the cheapest fuel pump price in the sub-region despite the recent increase in fuel prices.
Baluwa made the statement during the government’s weekly press briefing on Tuesday, 10 March 2026, while responding to concerns over the rise in pump prices from NLe 28.50 to NLe 32.
According to him, the increase was largely influenced by global tensions involving Iran and the US-Israel alliance, which disrupted the movement of oil vessels through the Strait of Hormuz, a major global oil shipping route.
He explained that Sierra Leone feels the direct impact of global oil market fluctuations because the country does not produce or refine crude oil locally.
“We do not have a refinery or crude oil production in Sierra Leone. Therefore, several factors must be considered before determining the final pump price consumers pay.”
He noted that over 50 percent of the pump price reflects the cost of refined petroleum products purchased from international markets and transported to Sierra Leone. These products are sourced from global trading hubs such as Geneva and oil-producing countries including Saudi Arabia and Kuwait.
Baluwa added that other components such as commercial levies, transportation costs, dealer margins, and operational costs for Oil Marketing Companies (OMCs) are also included in the final price.
He said the government uses a full pass-through pricing mechanism, which allows oil marketing companies to recover operational costs while ensuring stable fuel supply.
Despite the increase, Koroma maintained that Sierra Leone still has the lowest fuel price in the sub-region, a situation he said has encouraged cross-border fuel smuggling into neighbouring countries such as Guinea and Mali.
“If people are smuggling fuel from Sierra Leone to neighbouring countries, it simply means our fuel price is cheaper compared to those countries,” he noted.
He also revealed that petroleum supply capacity has improved significantly, increasing from reserves that previously lasted seven to ten days to about 50 days.
According to him, the country’s daily fuel consumption has grown from about 1.1 million litres to approximately 1.5 million litres, translating to nearly 40,000 metric tonnes of petrol and diesel monthly.
Koroma further disclosed that the government has expanded the country’s petroleum storage capacity from 156,000 metric tonnes to about 260,000 metric tonnes, strengthening energy security.
He added that although some oil marketing companies have applied to export petroleum products to neighbouring countries, such exports would only be allowed after ensuring adequate domestic supply.
Koroma concluded by assuring the public that Sierra Leone’s fuel pricing system remains transparent, noting that a World Bank review of 111 countries ranked the country’s pricing mechanism among the most transparent globally.
