Gov’t. Subsidized Over USD$6.6M On Fuel In 2020.

By Yusufu Sesay…..

Amidst corona virus pandemic outbreak in Sierra Leone in 2020, the New Direction government of President Julius Maada Bio has subsidized the pump price of fuel to the tune of six million, six hundred thousand United State dollars (USD$6.6M) in the country.

The disclosure was made by the Petroleum Regulatory Agency (PRA) Executive Chairman, Dr. Brima Baluwa Koroma at the end of year government retreat organized for media practitioners in Bo city in December, 2020.

According to him, the USD6.6M which is approximately sixty six billion Leones (Le66B) was intended to cushion the pump price of fuel in the country. He reiterated that the government thought it prudent to stabilize fuel price in the country in a bid to reduce the effects of corona virus pandemic on the standard of living of the people.

PRA Boss made comparative analysis of fuel prices in the sub region including Guinea, Liberia, Ivory Coast, Ghana, Gambia and Nigeria which clearly shows that Sierra Leone has the least pump price on fuel.

Dr. Brima Koroma highlighted the strides made at PRA all geared towards revenue generation and standardization of the agency for effective and efficient service delivery.

He said the downstream petroleum is now open for more players to reduce the current dominance and improve efficiency.He spoke about the All Petroleum Products (APP), a new company which has come onboard as an additional importer with a storage and petroleum jetty.

Dr. Brima Koroma also spoke about government plan of having a storage facility of fuel in a bid to ensure the availability of the precious products at all time.