By Saidu Jalloh, Reporter
Daily Scope
Brima Baluwa Koroma, the Director General of the National Petroleum Regulatory Authority (NPRA), addressed the recent fluctuations in petroleum prices during a government press conference at the Miatta Conference Centre in Freetown.
Koroma attributed the recent drop in pump prices to new government policy reforms aimed at fostering a competitive market. He noted that the government has implemented a price ceiling, encouraging private dealers to voluntarily reduce their prices. “The NPRA is committed to refraining from price interference, allowing competition to thrive as intended,” he stated.
In addition to the pricing reforms, Koroma highlighted the significance of the new NPRA Act, which empowers the Authority to manage the government’s strategic fuel reserves. He announced that, in light of this legislation, the country now possesses petroleum reserves capable of lasting six to seven weeks—marking a historic achievement for the nation. The Act also stipulates that licensed operators must maintain a minimum stock balance, with non-compliance risking the loss of their licenses, thereby enhancing readiness and accountability in the sector.
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