24 October 2006

Sierra Leone: Petrol, Diesel Now Le. 12,950

Freetown — Petroleum marketers Friday announced the reduction of the pump price of fuel products, petrol, diesel and kerosine. The prices are uniform for the whole country. But the reduction in the price does not in any way affect the tax, Petroleum Unit officials maintain.

The oil marketers say the reduction is in response to the current price reduction of crude oil in the international market.

Sales Manager of National Petroleum (NP), Clifton Obi who made the announcement on behalf of the oil industry says they have always promised to adjust the pump prices "as and when the combined effect of both the local exchange rate and the international market price for oil indicates an upward or downward trend." The oil industry statement states changes have taken place in the international oil market since the last price increase in July. "As a consequence of these changes in the world market, the price of oil, the oil marketing companies in consultation with the Petroleum Unit announce with immediate effect a reduction in the pump price of petroleum products:" Petrol reduced from Le. 13, 500 to Le. 12,950 per gallon; Diesel reduced from Le. 13,500 to Le. 12,950 per gallon; Kerosene from Le. 13, 500 to Le. 12, 950 per gallon.

However, the statement read fuel oil remains the same at Le. 6,000 per gallon.

It is not immediately clear whether the reduction in the pump price of fuel products will affect the cost of transportation.

However, President of the Sierra Leone Motor Drivers' Union, Abu Sillah told Concord Times late Thursday he was yet to hear of the price reduction. "We don't know about the price reduction yet, but we will meet with the relevant stakeholders and decide what to do," he says.

Minister of Transport and Communication Prince Harding could also not confirm whether the reduction in the pump price of fuel will affect the cost of transportation. He says that is within the domain of Minister of Trade and Industry, Dr. Kadi Sesay, she could not be reached for comments as we went to press.

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