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Monday, February 6, 2023

Fuel Subsidy Increased by 13.1 % to Le.150.81bn

HomeAYV NewsFuel Subsidy Increased by 13.1 % to Le.150.81bn

Fuel Subsidy Increased by 13.1 % to Le.150.81bn

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The price of crude oil has dropped to less than $30 per barrel and the Consumer Protection Agency together with civil society organisations is demanding for a decrease in pump price from Le.3,750 to around Le.2,500 per litre of petrol, diesel or kerosene. The press statement is in response to that call and to show how much government pays as subsidy.  In January 2016, Government spent Le.6.53 billion as fuel subsidy, according to the press statement.
“The PRA [Petroleum Regulatory Agency] also wishes to reiterate that the current fuel pump price of Le.3,750  per litre in Sierra Leone continues to be the lowest in the Mano River Union, i.e compared to the pump prices in Guinea and Liberia,” the statement said.
The main question from civil society organizations pushing for a reduction is why the need for subsidy when the price of crude oil is below $30 from $108 per barrel in 2013.

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